INSTITUTIONAL

Form ADV 2A Brochure 6500 International Pkwy, Ste 2050 Plano, TX 75093 Phone: 800-851-8845 / 650-851-3334 Fax: 866-596-9715 www.fisherinvestments.com February 11, 2026 This brochure provides information about the qualifications and business practices of Fisher Investments. If you have any questions about the contents of this brochure, please contact us at 800-851-8845, or by email at inst@fi.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”), or by any state securities authority. Fisher Investments is registered with the SEC as an investment adviser. Being registered with the SEC or any other regulatory authority does not imply Fisher Investments has a certain level of skill or training. Additional information about Fisher Investments is available on the SEC’s website at www.adviserinfo.sec.gov. 1  Material Changes This section provides a summary of material changes that were made to this brochure since the last annual update and is intended to help Clients determine if they want to review this brochure in its entirety, or contact Fisher Investments with questions about the changes. No material changes since the last Form ADV update. Information about Fisher Investments is also available on the SEC’s website at www.adviserinfo.sec.gov. To request a copy of the most recent disclosure brochure, contact us at: Fisher Investments 6500 International Pkwy, Ste 2050 Plano, TX 75093 Phone: 800-851-8845 / 650-851-3334 Email: inst@fi.com February 11, 2026 Form ADV Part 2A 2  Table of Contents Advisory Business .............................................................................................................. 4 Fees and Compensation ...................................................................................................... 6 Performance-Based Fees and Side-By-Side Management ............................................... 10 Types of Clients ................................................................................................................ 10 Methods of Analysis, Investment Strategies and Risk of Loss ........................................ 11 Disciplinary Information .................................................................................................. 11 Other Financial Industry Activities and Affiliations ........................................................ 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ... 14 Brokerage Practices .......................................................................................................... 15 Review of Accounts .......................................................................................................... 18 Client Referrals and Other Compensation ........................................................................ 19 Custody ............................................................................................................................. 20 Investment Discretion ....................................................................................................... 20 Voting Client Securities.................................................................................................... 20 Financial Information ....................................................................................................... 21 Additional Information: Fair Valuation............................................................................ 21 February 11, 2026 Form ADV Part 2A 3  Advisory Business Firm Description Fisher Asset Management, LLC, doing business as Fisher Investments (“FI”), a privately held limited liability company, is an investment adviser with primary offices in California, Florida, Texas and Washington. FI is registered with the U.S. Securities and Exchange Commission (“SEC”); in Canada with the Alberta Securities Commission, British Columbia Securities Commission, Manitoba Securities Commission, New Brunswick Securities Commission, Newfoundland and Labrador Financial Services Regulation Division, Nova Scotia Securities Commission, Ontario Securities Commission, Prince Edward Island Securities Office, Quebec Autorité des Marchés Financiers, and Saskatchewan Financial Services Commission; and with the Netherlands Authority for the Financial Markets. FI has a branch office registered with the Dubai International Financial Centre. Being registered with the SEC or any other regulatory authority does not imply FI has a certain level of skill or training. FI manages assets within different client groups: Institutional (including Personalized Retirement Outcomes) and Private Client – including private clients in the US, UK, Canada, Europe, Saudi Arabia, Australia, New Zealand, and Singapore. Collectively, these groups comprise a global client base of diverse investors including corporate, public and multi-employer pension plans, retirement plan participants, foundations and endowments, insurance companies, healthcare organizations, governments, investment companies and high net worth individuals. The firm offers a broad array of US, non-US, and global equity and fixed income strategies with various capitalization and style orientations. Founded in 1979, all strategies are supported by the firm’s global research platform developed over its 40+ year history. Investment decisions are made by the firm’s five-member Investment Policy Committee (“IPC”). In the mid-1990s, FI began offering separate portfolio management directly to high-net-worth individuals. In early 2000, FI expanded service offerings into Canada and Europe. The bedrock of FI’s business is based on maintaining a culture of ethics and integrity with the highest possible emphasis on clear and transparent communications with the investing public. Embedded within the firm’s culture is its embrace of the fiduciary duty to put client interests first. FI fosters a culture that hires, trains, and rewards employees in direct support of the values of openness, honesty, integrity, and trust. Principal Owners Fisher Investments, Inc. owns more than 75% of the voting interests in FI, with legal entities controlled by Advent International and the Abu Dhabi Investment Authority, respectively, owning the rest. In addition, the CEO (as co-trustee, with his spouse, of a family trust) holds non-voting interests. Ken Fisher owns more than 75% of the shares of Fisher Investments, Inc. Types of Advisory Services Fisher Investments Institutional Group (“FIIG”) provides discretionary management services for institutional clients through the following strategies: • All Foreign Equity (All Non-US Equity) • All Foreign Equity ESG (All Non-US Equity ESG) • All Foreign Equity Growth (All Non-US Equity Growth) • All Foreign Equity Small Cap Quant (All Non-US Equity Small Cap Quant) • All Foreign ex China Equity (All Non-US ex China Equity) • All Foreign ex China Equity Focused (All Non-US ex China Equity Focused) • All World Equity • All World Equity ESG Leaders • Global Quantitative Equity • Global Quantitative Equity ESG • Global Responsible Focused Equity ESG • Global Shariah Equity • Global Small Cap • Global Small Cap ESG • Global Small Cap ex-Japan • Global Small Cap ex-Switzerland • Global Small Cap Low Carbon • Global Total Return • Global Total Return ESG • Global Total Return ex Japan February 11, 2026 Form ADV Part 2A 4  • Global Total Return Focused • Global Total Return Focused ESG • Global Total Return Responsible ESG • Global Trade and Trend Equity • Global Value Equity • Mid Cap Value • North America Equity ESG • Small and Mid Cap Core • Small and Mid Cap Core Equity ESG • Small and Mid Cap Core Equity Low Carbon ESG • Small and Mid Cap Value • Small Cap Core • Small Cap Core ESG • Small Cap Opportunities • Small Cap Value • UK Total Return • US All Cap Equity ESG • US All Cap Equity Focused ESG • US Broad Fixed Income • US Broad Fixed Income ESG • US High Yield Debt • US Large Cap Growth Equity • US Large Cap Value Equity • US Shariah Equity • US Small Cap Capabilities ESG • US Small Cap Equity • US Small Cap Quant • US Sustainable Equity Impact ESG • US Total Return • US Total Return ESG • All World Equity ex-Japan • All World Equity ex-Korea • All World Equity Focused • All World Equity Long/Short Market Neutral • China A Share • China All Share Equity ESG • Emerging Markets Equity • Emerging Markets Equity ESG • Emerging Markets Equity Paris Aligned • Emerging Markets ex China Equity • Emerging Markets ex Taiwan Equity • Emerging Markets Responsible Equity • Emerging Markets Sovereign Debt (Hard Currency) • European Equity • Foreign Equity (Non-US Equity) • Global (ACWI) All Cap • Global (ACWI) All Cap ESG • Global (ACWI) Equity ESG • Global (ACWI) ex Australia Equity • Global (ACWI) Focused Equity ESG • Global (ACWI) Growth Equity • Global (ACWI) Responsible Equity ESG • Global (ACWI) Responsible Equity Focused • Global (ACWI) Sustainable Equity Impact • Global (ACWI) Value Equity • Global Aggregate Fixed Income • Global Equity ESG Catholic Values • Global Equity ex-Canada • Global Equity High Yield • Global Equity Long/Short • Global Equity Low Tracking Error ESG • Global Growth Equity FIIG also offers Personalized Retirement Outcomes (“PRO”) managed account service to US-based employer- sponsored defined contribution retirement plans for use as the plan’s default investment option or as a participant elective investment option. FIIG may also offer PRO Online Advice, a non-discretionary point-in-time advice service, as an additional participant elective investment option available to retirement plans receiving PRO managed account service. FIIG offers Fisher Institutional Models for Retirement Plans, model portfolios, to US-based employer-sponsored retirement plans. These model portfolios, which have investment growth objectives ranging from Conservative to Aggressive, can be utilized as a retirement plan’s default investment option, an investment option selected at the participant’s discretion, or by a managed account service making investment elections on the participant’s behalf. FI serves as sub-manager to Fisher Investments Europe Limited (with respect to its institutional clients), Fisher Investments Ireland Limited, Fisher Investments Luxembourg, Sàrl, and Fisher Investments GmbH, which manage assets for clients in the UK and various European countries. FI serves as sub-manager to Fisher Investments Australasia Pty Ltd, which manages assets for clients primarily in Australia and various Oceanic countries. FI is delegated a portion of portfolio management functions for Fisher Investments Japan, which manages assets February 11, 2026 Form ADV Part 2A 5  for clients primarily in Japan. FI provides investment management support to Fisher Investments Arabia, which manages assets for clients primarily in Kingdom of Saudi Arabia. Throughout the client relationship, FI strives to keep clients apprised of its strategy and current market outlook. The firm fosters a culture that focuses on maintaining transparency and openness for successful relationships and stresses this as both a core company value and an expectation of all employees in their dealings with clients and each other. Assets under Management FI manages client assets on a discretionary basis. As of December 31, 2025, FI managed a total of: Institutional Private Client Total Discretionary Non-Discretionary Total $55,439,180,106 $0 $55,439,180,106 $331,230,543,932 $0 $331,230,543,932 $386,669,724,038 $0 $386,669,724,038 Fees and Compensation Description While at times FI may negotiate rates other than specified below, including sub-advisory clients, the following schedule lays out FI's basic billing rates for FIIG clients: Strategy: Global Equity Long/Short, All World Equity Long/Short Market Neutral Management Fee Performance Fee 1.00% 10% of excess return Strategy: Small Cap Opportunities First $150 million Above $150 million Annual Rate 1.25% Negotiable Strategy: All World Equity, All World Equity ESG Leaders, All World Equity ex-Japan, All World Equity ex-Korea, All World Equity Focused, Global (ACWI) All Cap, Global (ACWI) All Cap ESG, Global (ACWI) Equity ESG, Global (ACWI) ex Australia Equity, Global (ACWI) Focused Equity ESG, Global (ACWI) Growth Equity, Global (ACWI) Responsible Equity ESG, Global (ACWI) Responsible Equity Focused, Global (ACWI) Sustainable Equity Impact, Global (ACWI) Value Equity, Global Equity ESG Catholic Values, Global Equity ex-Canada, Global Equity High Yield, Global Equity Low Tracking Error ESG, Global Growth Equity, Global Responsible Focused Equity ESG, Global Shariah Equity, Global Total Return, Global Total Return ESG, Global Total Return ex Japan, Global Total Return Focused, Global Total Return Focused ESG, Global Total Return Responsible ESG, Global Value Equity, Mid Cap Value, Small and Mid Cap Core, Small and Mid Cap Core Equity ESG, Small and Mid Cap Core Equity Low Carbon ESG, Small and Mid Cap Value, Small Cap Core, Small Cap Core ESG, Small Cap Value, US Small Cap Capabilities ESG, US Small Cap Equity, US Small Cap Quant First $25 million Next $25 million Annual Rate 0.85% 0.80% February 11, 2026 Form ADV Part 2A 6  Next $50 million Next $50 million Above $150 million 0.75% 0.70% Negotiable Strategy: All Foreign Equity, All Foreign Equity ESG, All Foreign Equity Growth, All Foreign ex China Equity, All Foreign ex China Equity Focused, European Equity, Foreign Equity First $25 million Next $25 million Next $50 million Next $50 million Above $150 million Annual Rate 0.75% 0.65% 0.60% 0.50% Negotiable Strategy: North America Equity ESG, US All Cap Equity ESG, US All Cap Equity Focused ESG, US Large Cap Growth Equity, US Large Cap Value Equity, US Shariah Equity, US Sustainable Equity Impact ESG, US Total Return, US Total Return ESG First $25 million Next $25 million Next $50 million Next $50 million Above $150 million Annual Rate 0.65% 0.60% 0.50% 0.40% Negotiable Strategy: UK Total Return First $25 million Next $25 million Next $50 million Next $50 million Above $150 million Annual Rate 0.65% 0.60% 0.55% 0.50% Negotiable Strategy: All Foreign Equity Small Cap Quant (All Non-US Equity Small Cap Quant), China A Share, China All Share Equity ESG, Emerging Markets Equity, Emerging Markets Equity ESG, Emerging Markets Equity Paris Aligned, Emerging Markets ex China Equity, Emerging Markets ex Taiwan Equity, Emerging Markets Responsible Equity, Global Small Cap, Global Small Cap ESG, Global Small Cap ex-Japan, Global Small Cap ex-Switzerland, Global Small Cap Low Carbon First $25 million Next $25 million Next $50 million Next $50 million Above $150 million Annual Rate 1.00% 0.95% 0.90% 0.85% Negotiable February 11, 2026 Form ADV Part 2A 7  Strategy: Global Quant, Global Equity ESG Quant First $25 million Next $25 million Next $50 million Next $50 million Above $150 million Annual Rate 0.75% 0.65% 0.60% 0.55% Negotiable Strategy: Emerging Markets Sovereign Debt (Hard Currency) First $25 million Next $25 million Next $50 million Above $100 million Annual Rate 0.60% 0.55% 0.50% 0.45% Strategy: US High Yield Debt First $100 million Above $100 million Annual Rate 0.50% 0.45% Strategy: US Broad Fixed Income, US Broad Fixed Income ESG First $25 million Next $25 million Next $50 million Above $100 million Annual Rate 0.34% 0.30% 0.26% 0.25% Strategy: Global Aggregate Fixed Income First $25 million Next $75 million Above $100 million Annual Rate 0.38% 0.35% 0.28% Strategy: Global Trade and Trend Equity First $50 million Next $50 million Above $100 million Annual Rate 0.65% 0.60% 0.50% For retirement plans utilizing the Personalized Retirement Outcomes services, the plan will pay an annual fee up to 0.80% assessed on the total assets managed by the service. The annual fee rate may vary depending on factors such as total plan assets, number of participants, expected assets under management, service requirements, and fees charged by other service providers necessary to deliver the service. The standard PRO fee is inclusive of fees February 11, 2026 Form ADV Part 2A 8  charged by managed account technology and advice providers and plan recordkeeper for services they provide specifically tied to executing the PRO services. However, at certain recordkeepers, the fees to the recordkeeper and/or managed account technology and advice provider for services specifically tied to executing the PRO will be paid by the plan and charged separate from or added to the standard PRO fee. If the PRO service invests participant assets into funds which pay FI a management fee, FI will reduce the fee rate charged for the PRO service by an amount equal to the management fee rate it receives from the funds. For retirement plans utilizing the Fisher Institutional Models for Retirement Plans, the plan will pay FI an annual fee up to 0.40% assessed on the total assets managed by the service. The annual fee rate may vary depending on factors such as plan assets, number of participants, expected assets under management, service requirements, and fees charged by other service providers necessary to delivering the service. For those clients where Fisher Investments Europe Limited (FIE) serves as manager and FI serves as sub-manager, FIE’s management fee will be set out in the client agreement and charged directly by FIE. A portion of such management fee will be paid by FIE to FI for its sub-management services. For those clients where Fisher Investments Ireland Limited (FII) serves as manager and FI serves as sub-manager, FII’s management fee will be set out in the client agreement and charged directly by FII. A portion of such management fee will be paid by FII to FI for its sub-management services. For those clients where Fisher Investments GmbH (FIG) serves as manager and FI serves as sub-manager, FIG’s management fee will be set out in the client agreement and charged directly by FIG. A portion of such management fee will be paid by FIG to FI for its sub-management services. For those clients where Fisher Investments Japan (FIJ) serves as manager and FI serves as sub-manager, FIJ’s management fee will be set out in the client agreement and charged directly by FIJ. A portion of such management fee will be paid by FIJ to FI for its sub-management services. For those clients where Fisher Investments Australasia (FIA) serves as manager and FI serves as sub-manager, FIA’s management fee will be set out in the client agreement and charged directly by FIA. A portion of such management fee will be paid by FIA to FI for its sub-management services. For clients where Fisher Investments Arabia (FISA) serves as manager and FI provides investment management support, FISA’s management fee will be set out in the client agreement and charged directly by FISA. A portion of such management fee will be paid by FISA to FI for its investment management support. FI may negotiate certain fixed rates with clients that can apply to all asset levels. Certain clients who become clients of FI as a result of its merger and acquisition activities may retain their prior fee schedules and therefore pay higher or lower fees than other FI clients. FI may agree to offer certain clients a fee schedule that is lower than that of any other comparable clients in the same investment style. FI may also choose to waive all or a portion of our negotiated fee for a given period. FI may commit that it has provided and will continue to provide certain clients the lowest available fee for a particular investment style and for comparable clients. Fee Billing Unless otherwise specified in the Investment Management Agreement between FI and a client (“IMA”), the following section lays out FI’s basic procedure for billing FIIG clients. Investment management account fees are normally based on a percentage of total assets managed for long positions. For accounts invested in the Long/Short strategy, investment management account fees are based on the combined market value of the separate long and short positions (short positions do not reduce the value of long positions for this purpose), less the credit or proceeds received from the short sales that are not reinvested. Fees may be calculated monthly, but generally fees are calculated quarterly, based on the market value using closing prices at quarter end, at one-quarter of the annual rates listed above. The billable market value includes accrued February 11, 2026 Form ADV Part 2A 9  interest and/or dividends. Generally, fees are billed and paid after they are earned. Fees for the initial billing period will generally be calculated based on the number of calendar days from the initial performance date until the end of the quarter at which a fee is calculated and billed unless otherwise specified in the IMA. A fee will not be calculated and billed at the end of a quarter for which there are no assets in the client’s account. Unless specified in the IMA, the net of contributions and withdrawals made in any day that are equal to or greater than $50,000 will be prorated if the fee adjustment is greater than .0025% of the client’s quarter-end assets under management by FI and the fee adjustment is greater than or equal to $100. For fees that are calculated monthly, the fee adjustment must be greater than .00083% of the client’s month-end assets under management and the other criteria must still be met. Unless otherwise specified in the IMA, a client may terminate relations with FI at any time by notifying FI in writing. At such time, FI will bill the client for services already rendered, prorated through the calendar day prior to the date of termination, unless otherwise specified in the IMA. Since FI does not bill in advance, a refund of fees is not applicable. Other Fees Clients will incur fees in addition to the management fee paid to FI, as stated above. Such fees can include brokerage commissions, other custodian fees, and expenses for investing in exchange-traded funds or structured notes. Retirement plan clients using the Personalized Retirement Outcomes services or the Fisher Investments Retirement Models will also pay fees to plan administrators, record keepers, or other technology providers. FI does not earn any of the foregoing fees. Please refer to the Brokerage Practices section below for additional information on how FI selects brokers. Performance-Based Fees and Side-By-Side Management FI may accept performance-based fees for clients who specifically request it if appropriate. Performance-based fee arrangements permit FI to receive compensation for unrealized appreciation as well as realized gains and may create an incentive for FI to make riskier or more speculative investments. Managing accounts that are charged a performance-based fee and accounts that are charged another type of fee, such as a fixed-rate fee, presents certain conflicts of interest in managing these accounts at the same time. There is an incentive to favor performance-based fee accounts. FI’s policies and procedures have been developed to ensure that all clients are treated fairly and equally, and without regard to the fee type in determining trade allocation. Refer to the Order Aggregation section below. FI reviews trade aggregation and allocations policies and procedures at least annually to ensure adherence to firm procedures and that no client is being systematically favored. Types of Clients Description FI has a global client base of diverse investors including corporations, retirement plans and participants, public and multi-employer pension funds, foundations, endowments, governments, investment companies, and high-net-worth individuals across America, Europe, Canada, Australia, Asia, and the Middle East. Account Minimums At present, the FIIG separate account minimum is USD $10,000,000, but smaller accounts may be accepted at FI’s discretion. FIIG commingled vehicle minimums are typically set at USD $5,000,000, but smaller investments may be accepted at FI’s discretion. February 11, 2026 Form ADV Part 2A 10  Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis FI uses both qualitative and quantitative tools to analyze markets, sectors, and securities. FI makes extensive use of computers, computer peripherals, software, and computer databases in screening for securities worthy of investment consideration. FI uses a centralized portfolio management system, which includes block trading, portfolio management, and securities price data collection. Investment Strategies FIIG clients’ accounts are generally managed separately with their underlying investment strategies, restrictions, or investment limitations defined within the investment management agreement. Investors within the funds managed by FI described in the Affiliations section below are managed according to the investment strategy defined in the offering documents. The Fisher Investments Retirement Models provide risk-based asset allocation model portfolios ranging from Conservative to Aggressive. Client model accounts are managed according to the investment objective of each model and accepted client restrictions. The retirement assets managed by Fisher Investments Retirement Models will be allocated to either bank maintained collective funds advised by FI or registered investment companies managed by FI. The individual risked-based model account into which the retirement plan or retirement plan participant assets are invested will be determined by the retirement plan, a discretionary investment manager hired by the plan, or the individual participant. The asset allocation decision for participants in plans using the Personalized Retirement Outcomes services is based on various factors made available to FI or a managed account advice provider by the retirement plan, its service provider or participants, including but not limited to, age, salary, savings rate, account balance, and state income tax rate. Participants may also provide additional information, such as spouse’s age, other income sources, outside investments, retirement age, and replacement income goals. These additional factors are provided through an interactive online questionnaire and will impact how FI or a managed account advice provider allocates the participant’s account among stock and bond funds. The retirement assets managed by the Personalized Retirement Outcomes services will be allocated to either bank maintained collective funds advised by FI or registered investment companies managed by FI. Risk of Loss Investing in capital markets involves risk of loss that each client should be prepared to bear. Investing in foreign stock markets involves additional risks including political, economic, and currency risks, and differences in accounting methods. Investing in fixed income instruments may involve certain costs and risks such as liquidity risk, interest rate risk, and credit risk. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. There can be no guarantee that a portfolio will meet its investment objectives or that it will not suffer losses. Disciplinary Information Legal and Disciplinary There have been no disciplinary events and no material legal events related to FI or any management person. Other Financial Industry Activities and Affiliations Financial Media Ken Fisher, Michael Hanson, Aaron Anderson, and other senior members of the firm are regular contributors to various media and publications globally. Fisher Investments can hold some or all of the securities mentioned February 11, 2026 Form ADV Part 2A 11  in a particular article in client portfolios. Affiliations FI acts as the investment adviser for the Tactical Multi-Purpose Fund (“Tactical Fund”), organized as a non- diversified series of Unified Series Trust established under the laws of Ohio by an Agreement and Declaration of Trust dated October 17, 2002. FI may recommend to clients, or use its discretionary authority over clients’ accounts, to invest client assets in shares of the Tactical Fund. Clients may also restrict or prohibit investment of their accounts in the Tactical Fund in writing. Additionally, FI acts as the investment adviser for the FI Institutional Group Stock Fund for Retirement Plans, the FI Institutional Group ESG Stock Fund for Retirement Plans, the FI Institutional Group Fixed Income Fund for Retirement Plans, and the FI Institutional Group ESG Fixed Income Fund for Retirement Plans, each a diversified series of Unified Series Trust. FI acts as the investment manager for the UK-based Purisima Investment Funds, an open-ended investment company incorporated in England and Wales under registered number IC 162 and authorized as a Undertaking for Collective Investment in Transferrable Securities (“UCITS”) by the UK Financial Conduct Authority, which is comprised of three sub-funds: the Purisima Global Total Return Fund, the Purisima UK Total Return Fund, and the Purisima EAFE Total Return Fund. FI acts as the investment manager for the Purisima Investment Fund (CI) Limited, an open-ended investment company established in Jersey, Channel Islands, as an Expert Fund in accordance with the Jersey Collective Investment Funds Order 1995. FI acts as the investment manager for the Fisher Investments Institutional Funds plc, an open ended investment company with variable capital incorporated in Ireland under the Irish Companies Act 1963 to 2009 with registered number 496650 and authorized as a UCITS by the Central Bank of Ireland, which is currently comprised of twenty-four sub-funds: the FI Institutional Emerging Markets Equity Fund, the FI Institutional Emerging Markets Equity Selection Fund, the FI Institutional Global Small Cap Equity Fund, the FI Institutional US Small Cap Core Equity Selection Fund, the FIE All-Purpose Fund, the FI Institutional European Equity Fund, the FI Institutional Global Equity Selection Fund, the FI Institutional Global Equity Focused Fund, the FI Institutional Global Equity High Yield Fund, the FI Institutional Global Developed Concentrated Equity Selection Fund the FI Institutional Global Developed Equity Selection Fund, the FI Institutional US Small and Mid-Cap Core Equity Fund, the FI Institutional US Equity Selection Fund, the FI Institutional Emerging Markets Responsible Equity Fund, the FI Institutional Global Sustainable Equity Impact Fund, the FI Institutional Quantitative Global Equity Selection Fund, the FI Institutional Emerging Markets Hard Currency Government Bond Fund, the FI Institutional US High Yield Bond Fund, the FI Institutional China A-Shares Equity Fund, the FI Institutional US All Cap Equity Selection Fund, the FI Institutional Global Small Cap Equity Selection Fund, the FI Institutional Global ex-US Equity Selection Fund, the FI Institutional Global Responsible Equity ESG Fund, and the FI Institutional Global Developed Equity ESG Values Fund. FI acts as the investment manager for the Fisher Investments Trust, a Delaware statutory trust, which currently has eight series: FI Institutional Group Emerging Markets Equity Fund, the FI Institutional Group Foreign Equity Fund, the FI Institutional Group Global Small Cap Equity Fund, the FI Institutional Group All Foreign Equity Fund, the FI Institutional Group All Foreign Small Cap Equity Fund, the FI Institutional Group All Foreign Small Cap Equity Quant Fund, the FI Institutional Group Emerging Markets Equity ESG Fund, and the FI Institutional Group Emerging Markets Equity Opportunities Fund. FI acts as investment adviser to the following bank-maintained collective funds: the Fisher Investments All Foreign Equity Collective Fund; the Fisher Investments Emerging Markets Equity Collective Fund; the Fisher Investments All World Equity Collective Fund; the Fisher Investments U.S. Fixed Income Collective Fund; the Fisher Investments U.S. Equity Market Collective Fund, and the Fisher Investments U.S. Small and Mid Cap Core February 11, 2026 Form ADV Part 2A 12  Equity Collective Fund. Each is a Fund established under the Fisher Investments Collective Trust. SEI Trust Company is the trustee and manager. FI acts as investment manager to the following Australian registered funds: the FIA Institutional Global Equity Focused Fund, the FIA Institutional Global Small Cap Equity Fund, and the FIA Institutional Emerging Markets Equity ESG Fund. Equity Trustees Limited is the Responsible Entity. FI acts as investment manager to the following Australian registered funds: the Fisher Investments Australasia Global Equity Focused Fund, the Fisher Investments Australasia Global Small Cap Equity Fund, and the Fisher Investments Australasia Emerging Markets Equity ESG Fund. Equity Trustees Limited is the Responsible Entity. Where FI manages a separate account and invests those assets in a fund it also advises or manages, FI would either waive its separate account advisory fee on assets invested in the fund or reduce its fee paid by the funds to the extent of any other advisory fee charged by FI on those assets. Where the Personalized Retirement Outcomes service invests participant assets into funds which pay FI a management fee, FI will reduce the fee rate charged for the Personalized Retirement Outcome service by an amount equal to the management fee rate it receives from the funds. FI owns Fisher Investments Europe Limited, doing business as Fisher Investments UK (“FIUK”), an investment firm in the United Kingdom whose main activities are marketing FI’s and its own investment management services to prospective private clients in the United Kingdom, including providing investment and pension transfer recommendations and marketing its own investment management services to and managing assets for institutional clients in the United Kingdom, Switzerland, and Belgium, which are sub-managed by FI. FI earns a sub- management fee for the sub-management services it provides to FIUK. FI owns Fisher Investments Australasia Pty Ltd (“FIA”), a financial services licensee in Australia whose primary purpose is to manage assets for wholesale clients in Australia and wholesale investors in New Zealand that are sub- managed by FI. FI earns a sub-management fee for the sub-management services it provides to FIA. FI owns Fisher Investments Japan Limited (“FIJ”), a Delaware corporation with a branch in Japan that has a discretionary investment management and investment advisory and agency licenses in Japan. FIJ’s primary purpose is to manage assets for professional and general clients in Japan. FI earns a sub-management fee for the sub-management services it provides to FIJ. FI has a branch established in the Dubai International Financial Centre, whose primary purpose is to market FI’s investment management services to prospective institutional clients in the Middle East. FI owns Fisher Investments GmbH (“FIG”), an investment firm in Germany whose primary purpose is to manage assets for private clients in Germany, Austria and Switzerland that are sub-managed by FI. FI earns a sub-management fee for the sub-management services it provides to FIG. FIG owns Fisher Investments Schweiz GmbH, a representative office of FIG that supervises the activities of tied agents that introduce residents of Switzerland to FIG. FI owns Fisher Investments Ireland Limited (“FII”), an investment firm in Ireland whose primary purpose is to manage assets for private and institutional clients in Europe that are sub-managed by FI. FI earns a sub- management fee for the sub-management services it provides to FII. FI owns Fisher Investments Luxembourg, Sàrl (“FIL”), an investment firm in Luxembourg whose primary purpose is to manage assets for private clients in Europe that are sub-managed by FI. FIL also engages in insurance brokerage activities in France. FI earns a sub-management fee for the sub-management services it provides to FIL. FI owns Fisher Investments Arabia (“FISA”), a capital market institution in the Kingdom of Saudi Arabia whose primary purpose is to manage assets for private and institutional clients in the Kingdom of Saudi Arabia. FI earns a fee for investment management support it provides to FISA. February 11, 2026 Form ADV Part 2A 13  FI owns Fisher Investments Singapore Pte. Ltd. (“FIS”), which holds a capital markets services license to conduct fund management activity for accredited and institutional investors in Singapore. FI earns a sub-management fee for the sub-management services it provides to FIS. To improve fiduciary literacy and advance brand awareness, FIIG, from time to time, may sponsor, either independently or with other managers, consultants, or advisers, training and educational programs and conferences attended by retirement advisors and plan sponsor fiduciaries. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics and Personal Trading Ethics and integrity are the bedrock on which the rest of our business is built. When designated employees and contractors of FI and its subsidiaries invest for their own accounts, conflicts of interest may arise between clients and employees. As an investment adviser and mutual fund adviser, FI is subject to Rule 204A-1 of the Advisers Act and Rule 17j-1 of the Investment Company Act of 1940, as amended. To comply with these requirements, FI has adopted a Code of Ethics containing provisions reasonably necessary to prevent its “Access Persons,” as defined in the Code of Ethics, from engaging in any act, practice or course of business prohibited by these Rules. The Code of Ethics addresses investments by Access Persons in securities with particular rules for initial public offerings and limited offerings. In accordance with FI’s Code of Ethics, all Access Persons are required to have most security transactions, including all common stock, options, corporate bonds, exchange traded funds, and trades in mutual funds where FI is the sub-adviser to the fund company approved in advance by designated personnel involved in the trading process. Access Persons and FI Principals have bought, owned, and sold securities in various publicly traded corporations, including those held and traded in clients’ accounts or in the funds managed or advised by FI. Access Persons and Principals may hold securities, which were purchased previous to their employment with FI, and are now still held. Access Persons and Principals whose accounts are managed by FI may participate in block transactions placed for clients. Additionally, Access Persons and Principals must submit all brokerage statements, which reflect transactions for their benefit, to ensure this policy is implemented according to stated objectives. FI will provide a copy of its Code of Ethics upon request. FI has adopted policies and procedures designed to address potential conflicts that arise between FI and its minority owners. These policies and procedures include information barriers designed to prevent the flow of portfolio holdings and trading information between FI, its personnel and its minority owners; and restrictions relating to brokerage selection and trading with entities under control of its minority owners. No assurance can be made that any of FI’s current policies and procedures, or any policies and procedures that are established by FI in the future will have their desired effect. In addition to these explicit policies, we also stress ethics in our company vision statement, which states that “our quest requires delivering unparalleled service, continuous education, and appropriate solutions to our clients and always considering their interests first.” Likewise, ethics and integrity are a core component of employee performance reviews, where they are listed as an explicit competency and factor directly into performance evaluations. Participation or Interest in Client Transactions FI imposes restrictions upon itself, and all managed accounts that have a relationship with an FI Access Person or Principal, to ensure the clients’ interests are considered before the interests of FI or any person associated with FI. Such accounts are called proprietary accounts. They will trade in block trades with or after non-proprietary clients. Exceptions may be made to liquidate certain previously held equity positions in proprietary accounts that cannot be February 11, 2026 Form ADV Part 2A 14  blocked with non-proprietary clients provided a determination is made that no non-proprietary client will be disadvantaged. All proprietary clients are aware of such trading practices. At no time will transactions be effected in any manner such that FI or the FI Access Person could benefit at the expense of a non-proprietary client. Political Contributions FI personnel may make personal contributions to support political candidates or elected officials, including candidates who may share the firm's views on issues related to its business interests. Designated personnel are responsible for ensuring that their political activities comply with applicable laws restricting political contributions and solicitations, as well as FI's policies and procedures. Brokerage Practices Selecting Brokerage Firms FI generally determines both the brokers to be used to effect transactions for clients and the commissions at which those transactions are to be effected. Brokers are selected on the basis of the clients’ interests, requirements and preferences as well as FI’s assessment of the brokers’ execution and other services relative to the commission charged for each trade. FI evaluates brokers’ fees and commission rates in light of rates other advisers could readily obtain from brokers in general for similar transactions. Each client’s investment advisory agreement generally gives FI full authority to determine (without obtaining client consent or consulting with the client on a transaction-by-transaction basis) the brokers or dealers through which all transactions for the client’s account will be executed. A client may, however, direct FI in writing to execute transactions for the client’s account through a specified broker or dealer (the “Specified Broker”). A client may choose to direct FI to execute transactions through a Specified Broker if, for example, the client will be receiving investment management consulting services from such Specified Broker. FI has delegated a portion of its trading function for certain markets and securities to its affiliates, Fisher Investments Luxembourg, Sàrl, Fisher Investments Japan Limited Branch in Japan and Fisher Investments GmbH., subject to the oversight of FI. Best Execution Where a client authorizes FI to select the brokers and/or dealers through which transactions for the client’s account are executed, FI allocates transactions to brokers and/or dealers for execution on such markets at such prices and at such commission rates (which may be in excess of the prices or commission rates that might have been charged for execution on other markets or by other brokers or dealers) as in the good faith judgment of FI are appropriate. FI considers the selection of brokers and/or dealers based not only on the available prices and rates of brokerage commissions, but also other relevant factors which can include: (a) the execution capabilities of the brokers and/or dealers; (b) the size of the transaction; (c) the difficulty of execution; (d) the operational facilities of the brokers and/or dealers involved; (e) the risk in positioning a block of securities; (f) custodial relationship; and (g) the quality of the overall brokerage services provided by the broker and/or dealer. FI may cause a client’s account to pay a broker or dealer a higher amount of commission for effecting a transaction for the client’s account than another broker or dealer would have charged for effecting that same transaction if FI determines in good faith that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker or dealer, viewed in terms of either the particular transaction or FI’s February 11, 2026 Form ADV Part 2A 15  overall responsibilities with respect to the accounts for which FI exercises investment discretion. Where a client directs FI to effect transactions for the client’s account through a Specified Broker, FI does not negotiate brokerage commissions with respect to transactions executed by the Specified Broker for the client’s account. Rather, the client and the Specified Broker agree on the commission rate that the Specified Broker will charge for transactions effected for the account. As a result, the client may pay higher commissions than those paid by FI’s clients who have not directed FI to execute transactions through a specified broker or dealer depending upon: (a) the client’s arrangement with the Specified Broker; (b) such factors as the number of securities, instruments, or obligations being bought or sold for the client, whether round or odd lots are being acquired for the client, and the market for the security, instrument or obligation; and (c) the fact that the client will be foregoing any benefit from savings on execution costs that FI may obtain for its clients through negotiating volume commission discounts on batched transactions. In addition, the client may not receive the lowest available price with respect to certain transactions effected for the client’s account. Clients that restrict the ability to execute trades for their accounts away from their custodian through a prime broker services agreement may receive lower commissions for certain trades, but may also be traded separately in a less advantageous manner than those trades which can be aggregated with other accounts that allow for prime brokerage. To the extent affiliates of FI place trades on behalf of client accounts, the affiliates will abide by their best execution policy, which is substantially similar to FI’s best execution policy described above. Soft Dollars FI does not have any formal soft dollar arrangements where it uses a portion of commissions generated by trades by clients’ accounts to pay specific amounts for research products and brokerage services from broker-dealers or research vendors. However, broker-dealers that custody client assets or effect securities transactions provide their own research services such as reports, access to website materials, and access to their analysts. In some cases, FI uses that research if it is believed to be useful and of reasonable value, which can be considered a soft-dollar benefit for FI even though there is no specific allocated amount of commissions in order for FI to receive those benefits nor is there believed to be any impact to the transaction costs for our clients. Additionally, some broker-dealers also provide FI with unsolicited research that FI considers to have limited value and does not use, which also are technically considered soft dollar benefits for FI. Generally speaking, all of FI’s clients benefit from research services provided to FI by the brokers and dealers who effect transactions for FI’s client accounts. FI periodically considers the value and usefulness of proprietary research services available through broker-dealers as part of assessing FI’s overall relationship with a broker-dealer and the quality of services provided, but FI does not make specific trading or commission allocation decisions based on the research provided. FI’s receipt of research services from brokers and dealers that effect transactions for FI’s client accounts does not reduce FI’s customary research activities. Order Aggregation FI has adopted the following allocation policy and procedure for aggregating advisory clients’ trade orders. • Orders will not be aggregated unless aggregation is consistent with our best execution duty and the applicable advisory agreements. • No advisory account will be consistently favored over any other account. • Before entering an aggregated order, an electronic summary of the proposed allocation shall be made in connection with that order. February 11, 2026 Form ADV Part 2A 16  FI’s IPC determines the securities to be purchased and sold in client accounts where FI acts with discretion. FI will aggregate all orders directed by the IPC by side, symbol, trade objective, strategy group, and/or business segment (e.g., Institutional and Private Client Group) for trade routing as described below. Orders across Institutional and Private Clients will not be blocked and will be executed separately. FI uses Charles River (“CRD”) as its Order Management System (“OMS”). CRD facilitates the execution of trades for the Institutional Group and Private Client Group (“PCG”). • When discretionary institutional transactions are aggregated into blocks: – The actual execution prices applicable to the aggregated transaction will be averaged, and each client account participating in the aggregated transaction will be deemed to have purchased or sold its share of the security, instrument, or obligation involved at that average price; and – All transaction costs incurred in effecting the aggregated transaction shall be shared on a pro rata basis among all participating accounts, except to the extent certain broker-dealers that also furnish custody services impose minimum transaction charges applicable to some of the participating accounts. Client direction and restrictions may result in different costs for a particular client. • All discretionary institutional trades are allocated on a pure prorated order size basis. Each account is allocated executed shares in direct proportion to the percentage of the overall block executed. Aggregated orders receive one average price per broker unless multiple tickets were created with any one broker during a rotational trade in which case aggregated orders would receive one average price per brokerage ticket. Should there be multiple brokerage tickets, each would be prorated individually across participant accounts. Trades will be allocated with the minimum whole share quantity as allowed by market round lot conventions. Trading may, at its discretion, make small adjustments to the allocation procedure for accounts with relatively small share counts to avoid excessive transaction costs or account for market round lot conventions. This may result in an account receiving a full allocation, completing earlier than the rest of the block. • Orders modified down by the Portfolio Engineering Group will continue to receive pro-rata allocations on the new number of shares. In cases where orders have been partially executed and an order needs to be increased in size, the additional shares must be entered as a new order upon completion of the existing block in full. New orders cannot be added to an existing partially completed block. • Orders will be allocated on a basis different from the above only if all clients receive fair treatment and the reason for the different allocation is approved by the PMG EVP or another IPC member in writing. Common reasons for deviations include, but are not limited to, cash balance differences and relative position sizes. • During an IPC directed portfolio shift, Traders may be executing given order(s) over multiple days in a rotation. During this time, trades may have to be placed within client accounts to accommodate client requests that overlap with the "Rebalance” orders. Where these orders are deemed non-material/non- impactful to the broader rebalance, the Portfolio Implementation Group will enter these orders as “Non- Rebalance” to be executed outside of the rotation as a separate custodial block with a different average price from the “Rebalance” orders. • Client mandated orders are segregated and executed separately from existing blocks, typically at the market. In cases where a custodian limitation prevents separate blocks from being executed, client directed orders can be executed together with IPC directed orders. • Due to occasional cash management issues, certain orders may require execution with a non-standard settlement cycle. Trades that require non-standard settlement will be segregated from existing blocks. • Trades placed as part of an account specific trading program will typically be executed and allocated separately from existing IPC order blocks given the program rate is pre-negotiated with the broker, and the program strategy is managed specific to the trading requirements of the given account. February 11, 2026 Form ADV Part 2A 17  • The Portfolio Implementation Group may send orders intra-day to Trading for Execution. If a set of orders is entered intra-day, and existing institutional orders for the same side and symbols are in progress at a materially different average price, the new set of orders will be executed separately with a different average price and at the discretion of Trading. • Institutional accounts can request that FI not execute orders with specific brokers and/or direct a specified percentage of commissions over a given period of time to certain brokers to which step-outs are not allowed. In order to ensure best execution for all Institutional accounts without such restrictions, FI may block such orders separately in order to comply with clients’ requests, particularly when the benefits of executing with such brokers are unique to those given Institutional clients. These orders may also trade after aggregated orders without broker restrictions • If the custodian/broker receives multiple orders for the same side and symbol at different times and is unable to average price all executions due to system limitations, it is permissible to book such trades at their different, respective prices. • Spot and forward FX trade orders will be completed on an as-needed basis in a manner intended to comply with the Best Execution Policy and Procedure. FX trade orders for Institutional Clients are created in CRD and sent to the FX Connect platform where they are aggregated by Currency Pair and Settlement Date and executed. FI may block FX trade orders of such accounts separately from Institutional accounts with broker or custodian restrictions. • Books and records will reflect separately for each account the securities held, bought, and sold. • Individual investment advice and treatment will be provided to each client’s account. • FI does not participate in initial public offerings and therefore has no allocation policy with respect to such offerings. • No additional compensation or remuneration of any kind will be received by FI as a result of the procedure referenced above. • Sell short orders are not aggregated with sell orders. • Institutional accounts that request FI not execute orders with affiliates of FI will have their orders blocked separately and trade after orders with no such restrictions. Trades executed by affiliates of FI (as described above under “Selecting Broker Firms” will be aggregated by the affiliates with respect to multiple accounts and clients for which the same security is being traded. Trades executed by the affiliates will not, however, be executed together with trades in the same security executed directly by FI. Trading Errors Trading errors sometimes happen for various reasons that will or will not be FI’s responsibility. FI handles trading errors according to its trade error policy and procedure. For Institutional clients, trade errors are reviewed on a case- by-case basis to determine the course of action to correct the error. In any event, the client will always be made whole and soft dollars will never be used to correct trade errors Review of Accounts Periodic Reviews Account information, including quantities and values of securities held, the amounts of cash and cash equivalents, and account transaction activity for each client, is maintained in FI’s computer systems, except for participants in the PRO service, where the plan recordkeeper is responsible for participant level information. This account information is reconciled against statements or electronic files from appropriate custodial agents generally daily, but no less than monthly. February 11, 2026 Form ADV Part 2A 18  Review Triggers All existing managed accounts are subject to periodic reviews depending on the criteria being evaluated. Most reviews utilize computer-generated exception reports from FI’s portfolio management and accounting systems. Cash balance, position count, position size, asset allocation, country weight, and sector weight reports are among the measures periodically evaluated. Additionally, ad hoc reports supplement the review process. FI’s Implementation department oversees the daily operations of the existing account review process. The IPC consists of five members: the Executive Chairman, a Vice Chairman, an Executive Vice President, and two Senior Vice Presidents. They collectively determine firm investment policy and are responsible for managing broad investment strategies. All are actively engaged in securities and capital markets research contributing to the review process. Regular Reports Clients receive a monthly or quarterly accounting showing asset value by security, unit cost, total cost, cash balances, current per share values, etc. Clients are urged to compare the quarterly reports provided by FI with those provided by their custodian and notify FI of any differences. Additionally, clients regularly receive Quarterly Reviews, which include the IPC’s general economic outlook and current investment trends. Clients are encouraged to phone or write FI as often as they deem necessary to receive information regarding the investment tactics and strategies being followed. Upon specific client request, FI will prepare written portfolio analysis and reports to satisfy the client's informational needs. Client Referrals and Other Compensation Referrals From time to time, FI has client referral relationships with outside vendors and will pay a referral fee to these vendors. There is no increase in fees that clients will pay to Fisher as a result of the referral fees that FI pays to outside vendors. Conflicts of interest exist with respect to these referral relationships, as FI receives certain economic benefits through its participation in these relationships. FI also has incentives for its personnel to solicit and refer clients. FI occasionally pays a referral fee to third party solicitors. No referral fee is paid unless the referral arrangement and any compensation paid are disclosed. FI’s participation in referral relationships does not reduce or eliminate FI’s fiduciary duties to put the interests of its clients first and seek best execution in securities transactions on behalf of its clients. FI receives compensation to refer prospective clients and clients to non-affiliated investment advisers. Conflicts of interest exist with these referral relationships. No referral will occur unless consent has been obtained from the prospective client or client and the referral arrangement and any compensation paid is disclosed. Other Compensation FI has obligations under referral programs with custodians with respect to certain clients, including certain clients who become clients of FI as part of its merger and acquisition activities. Pursuant to such programs, FI is obligated to pay the custodian an ongoing fee, usually as a percentage of the fees billed to the account or a percentage of the assets in the account, with a one-time fee generally payable in the event the account is transferred away from such custodian. Since the one-time fee is generally higher than the ongoing fee, FI will have an incentive to maintain the account at the existing custodian. FI receives very limited income from speaking, writing, and royalties—all related to finance and investing. Ken Fisher receives royalties from his books. In addition, FI currently receives income for books published under Fisher Investments Press, an imprint series published by John Wiley & Sons, Inc. February 11, 2026 Form ADV Part 2A 19  Custody Account Statements FI is not a broker-dealer and does not take possession of client assets. FI client assets are housed in internationally recognized brokerage firms and banks, otherwise known as custodians. FI has a limited power of attorney to place trades on the client’s behalf. The custodian will issue trade confirmations and monthly statements directly to clients, while the client’s account will be managed by FI. Clients are urged to compare the information in the quarterly statements they receive from FI with the statements provided by their custodian. Financial Statements FI acts strictly as an investment adviser to the US and CAD private funds. The Funds have an independent custodian and trustee. Financial statements are audited by an independent public accountant and distributed by FI to all investors within the required US and Canadian regulatory time limits. Investment Discretion Discretionary Authority for Trading and Limited Power of Attorney FI generally has limited power of attorney to act on a fully discretionary basis on clients’ behalf. When such limited powers exist between FI and a client, FI chooses the amount and type of securities to be bought and sold to satisfy account objectives. This is the case with most of FI’s clients. Additionally, FI accepts any reasonable limitation or restriction to such authority placed by the client. Refer to the Methods of Analysis, Investment Strategies and Risk of Loss section above. All limitations and restrictions placed on accounts must be provided to FI in writing. The bank-maintained collective funds advised by FI are managed by SEI Trust Company (“SEI”), a trust company organized under the laws of the Commonwealth of Pennsylvania and regulated by the Pennsylvania Department of Banking. SEI serves as trustee and maintains ultimate discretionary authority over the collective funds. Voting Client Securities Proxy Votes Generally, except to the extent that a client otherwise instructs FI in writing, FI will vote (by proxy or otherwise) on all matters for which a shareholder vote is solicited by, or with respect to, issuers of securities beneficially held in client accounts in such manner as FI deems appropriate in accordance with its written policies and procedures. These policies and procedures set forth guidelines for voting (or abstaining from voting) many typical proxy proposals. FI regularly reviews these guidelines. In certain instances, the IPC will determine whether it is in the client’s best interests to vary from the guidelines or the proxy issue will require individual case-by-case consideration under the guidelines. Where a proxy proposal raises a material conflict of interest between the interests of FI and its clients, FI will vote in accordance with the guidelines where FI does not have discretion to vary from the guidelines. Alternatively, FI will obtain voting direction from Institutional Shareholder Services (“ISS”), an independent third party proxy service provider, disclose the conflict of interest to the client and abstain from voting, or obtain client consent prior to voting the securities. Clients may obtain a copy of FI’s proxy voting policies and procedures and/or information on how FI has voted the client’s securities by written request to FI. There may also be a variety of corporate actions or other matters for which shareholder action is required or solicited and with respect to which FI may take action that it deems appropriate in its best judgment except to the extent otherwise required by agreement with the client. These actions may include, for example, and without limitation, tender offers or exchanges, and bankruptcy proceedings. Unless FI otherwise agrees in writing, FI will not have any duty or obligation to advise or take any action on behalf of clients in any legal proceedings, including bankruptcies or class actions, involving securities held in or formerly held in the account or the issuers of securities. At the client’s written request, FI will assist with administrative matters regarding any settlement or judgment. February 11, 2026 Form ADV Part 2A 20  Financial Information Financial Condition FI does not require or solicit prepayment of fees. FI is currently not in, nor has been historically in, a financially precarious situation, or the subject to a bankruptcy petition. Additional Information: Fair Valuation In separate accounts and certain funds FI manages, FI is responsible for determining the fair value of illiquid securities and other holdings in the unlikely event a price is not readily available or after a significant event materially affects the value of a security between the time of its last sale on the exchange or market in which the security trades, and the US market close. FI’s Valuation Committee meets as necessary when a price is not readily available and will determine if the value of a security should be re-evaluated to reflect a more current fair market value. Custodians for some clients have alternative valuation procedures that will apply to accounts managed by FI. Some funds, including the collective funds advised by FI, are subject to the valuation policies of their trustee or administrator. February 11, 2026 Form ADV Part 2A 21