INTRODUCTION Cabana LLC d/b/a Cabana Asset Management (hereina�er “Cabana” “we” or the “firm”) is a registered investment adviser (“RIA”) based in Fayeteville, Arkansas. We are a limited liability company organized under the laws of the State of Arkansas. Cabana is a wholly owned subsidiary of The Cabana Group, LLC, a Delaware limited liability company. Corient US Holdings LLC owns 49% of the Cabana Group, and five other en��es controlled by employees, affiliates, or investment adviser representa�ves of Cabana own the other 51% of the Cabana Group. Cabana has provided investment advisory services since 2007. Cabana’s day-to-day opera�ons are managed by (1) G. Chadd Mason, CEO and Co-Founder; (2) Louis Shaff, CFO and Co-Founder; (3) Christopher L. Carns, COO; and (4) Albert Moore, CCO. As used in this Brochure, the term “Associated Person” refers to anyone who is an officer or employee of Cabana and all individuals providing investment advice on Cabana’s behalf. Cabana LLC offers investment advisory and money management services to individual clients and businesses (either through tradi�onal investment management or through qualified re�rement plans), other registered investment advisers, and ins�tu�onal clients. Cabana developed a proprietary algorithm, “CARA” (Cyclical Asset Realloca�on Algorithm) for risk management, which seeks to reduce vola�lity and exposure to down markets by evalua�ng economic and technical market condi�ons and alloca�ng to assets that are deemed atrac�ve in the current market. CARA is u�lized in all of Cabana’s investment solu�ons, which include Mul�-Strategy Professional Series SMAs (Separately Managed Accounts), Target Beta Series SMAs (Separately Managed Accounts), Target Income Series SMAs (Separately Managed Accounts), Target Drawdown Series SMAs (Separately Managed Accounts), Target ETFs (Exchange Traded Funds), and Target Drawdown CITs (Collec�ve Investment Trusts). Cabana LLC claims compliance with the Global Investment Performance Standards (GIPS®). Cabana LLC has been independently verified on a firm-wide basis for the period January 1, 2012, to December 31, 2022 (the next examina�on is currently in progress). GIPS® is a trademark of the CFA Ins�tute. The CFA Ins�tute does not endorse or promote this organiza�on, nor does it warrant the accuracy or quality of the content contained herein. To receive a GIPS Report or a firm’s list of composite/pooled fund descrip�ons, please email the request to [email protected]. In addi�on to the tradi�onal investment advisory and financial services that we provide, our firm was founded by atorneys, and we currently have licensed atorneys on staff who operate Cabana Law Group, PLLC in the state of Arkansas, and Hesse, Hesse & Blythe, PC in the state of Texas. These firms offer more than 75 years of legal prac�ce in estate planning, business succession planning, asset protec�on, corporate law, and real estate transac�ons. Some of our Associated Persons also act as insurance agents independent of Cabana’s investment advisory services. When they provide fixed insurance products or services, they act through one of Cabana’s affiliates. The types of services we provide clients are described in more detail below. SERVICES Por�olio Management Services for Cabana’s Individual Retail Clients Our firm offers primarily discre�onary por�olio management services to our clients based on their chosen asset alloca�on guidelines, risk tolerance, and investment objec�ves. Discre�onary por�olio management means we will make investment decisions and place buy or sell orders in a client’s account without contac�ng them. Our discre�onary services include but are not limited to the management of Cabana’s Mul�-Strategy Professional Series, Target Drawdown Series, Target Beta Series, and Target Income Models. All of Cabana’s individual retail clients’ assets are held in the form of separately managed accounts and are maintained by a qualified Custodian. We also offer non-discre�onary por�olio management services, which means that we must obtain your approval prior to placing any trades in your account. The Mul�-Strategy Professional Series invests in a combina�on of proprietary ETFs, which currently are the Cabana Target Drawdown 10 ETF, the Cabana Target Leading Sector Moderate ETF, and the Cabana Target Beta 35 ETF (“Cabana ETFs”) that Cabana manages via a sub-advisory agreement with Exchange Traded Concepts (“ETC”), the ETF provider. Cabana’s management fee set forth in the investment advisory agreement between Cabana and its clients, as applicable, will be offset (and reduced) each month by an amount equal to the management/sub-advisory fees received by Cabana from ETC for the Cabana ETFs, for the prior month with respect to each clients’ investment in the Cabana ETFs. Detailed informa�on regarding Cabana’s ETFs can be found in the offering documents, which are available at htps://thecabanagroup.com/e�-prospectus/. The Target Drawdown Series is the original of Cabana’s Target Drawdown SMA products and was the primary SMA offering prior to September 17, 2020, when Cabana’s Target Drawdown ETFs were released. The Target Drawdown por�olios are s�ll u�lized for some client accounts. The Target Drawdown Model SMAs differ from Cabana’s Mul�-Strategy Professional Series in that proprietary Cabana ETFs are not used, and the primary objec�ve of the por�olios is to minimize drawdown whenever possible. The Target Beta Series was released in September 2023 and seeks to reduce costs and whipsaw associated with more ac�ve management through using a semi-ac�ve, tac�cal process whereby Cabana’s Cyclical Asset Alloca�on Algorithm ("CARA") seeks to iden�fy macro changes in the economic cycle and allocate investment to the assets that perform rela�vely well at the iden�fied point in the cycle. The Target Income Por�olio seeks to provide consistent income to investors through the receipt of dividends and bond interest paid by the por�olios’ underlying holdings. Addi�onally, one or more of our models may include a fixed income component including, but not limited to U.S. Government Treasury Bills (also known as T-bills). Where appropriate, based on your needs and circumstances, we may invest all or a por�on of your por�olio in fixed income securi�es. See Item 8 below for addi�onal informa�on regarding these models. Our investment advice is tailored to meet our clients’ needs and investment objec�ves. Separate account clients can impose reasonable restric�ons on the firm’s management of their accounts, subject to our acceptance of those restric�ons. Based on each client’s specific financial situa�on and goals, clients will generally be invested in one of Cabana’s Mul�-Strategy Professional, Target Beta, Target Income, or Target Drawdown Series Por�olios or may also hold other securi�es posi�ons. Cabana generally builds por�olios that put target drawdown limits at the forefront. Drawdown is defined as the maximum loss or amount an investment can be expected to fall (these are targets, not guarantees), from peak to trough during adverse market condi�ons. Cabana’s Target Drawdown Por�olios are constructed using an algorithm that Cabana operates, which we refer to by the acronym CARA, which seeks to monitor economic and technical market condi�ons to iden�fy assets that are par�cularly atrac�ve at a given �me in the business cycle. All Cabana Target Drawdown Por�olios strive to limit losses that exceed investor risk tolerance in down markets, while s�ll par�cipa�ng in up markets. The Mul�-Strategy Professional Series Por�olios strive to limit losses that exceed investor risk tolerance in down markets, but also includes a vola�lity alloca�on that allows for growth poten�al when condi�ons improve. The Cabana Target Beta Series Por�olios are designed to respond

to only macro-economic trends, thus reducing sensi�vity to market segmenta�ons and the poten�al for vola�lity, trading slippage, and whipsaw. The Cabana Target Income Por�olio generates a steady stream of income while minimizing sequence of return risk as well as overall drawdown through a tac�cal alloca�on model. Cabana’s Por�olios are primarily invested in various index- based and sector-based Exchange Traded Funds (ETFs), including the Cabana ETFs, that have a history of making dividend payments. In certain instances, we may also invest a por�on of a client’s account in mutual funds or fixed securi�es. Cabana monitors the por�olio performance daily, rebalancing the por�olios whenever necessary as changes occur in market condi�ons and as dictated by CARA. Financial Planning Services for Cabana’s Individual Retail Clients We offer broad-based financial planning for clients seeking this service, including a variety of services, mainly advisory in nature, regarding the management of financial resources. Our advice is based upon an analysis of the client’s individual needs and begins with an ini�al complimentary consulta�on. Once we collect and analyze all documenta�on, we provide a writen financial plan designed to achieve the client’s financial goals and objec�ves. In this way, Cabana seeks to assist the client in developing a strategy for the successful management of income, assets, and liabili�es. In general, financial planning services can include any one or all of the following:
• Cash Flow Analysis – Assessment of a client’s present financial situa�on by collec�ng informa�on regarding net worth and cash flow statements, tax returns, insurance policies, investment por�olios, pension plans, employee benefit statements, etc. Cabana advises on ways to reduce risk and to coordinate and organize records and estate informa�on.
• Re�rement Analysis – Iden�fica�on of a client’s long-term financial and personal goals and objec�ves including advice for accumula�ng wealth for re�rement income or appropriate distribu�on of assets following re�rement. Tax consequences and implica�ons are iden�fied and evaluated.
• Insurance Analysis – Includes risk management associated with advisory recommenda�ons based on a combina�on of insurance types to meet a client’s needs, e.g., life, health, disability, and long-term care insurance. This will necessitate an analysis of the cash needs of the family at death, the income needs of surviving dependents, and disability income analysis.
• Por�olio Analysis/Investment Planning – We provide investment alterna�ves, including asset alloca�on, and effect on a client’s por�olio. We evaluate the characteris�cs of exis�ng investments as well as their suitability for a client’s objec�ves.
• Educa�on Savings Analysis – Alterna�ves and strategies for the complete or par�al funding of college or other post-secondary educa�on.
• Estate Analysis – We provide advice with respect to property ownership, distribu�on strategies, estate tax considera�ons, and tax payment techniques. The recommenda�ons and solu�ons are designed to help the client to achieve their desired goals. Financial plans are created based on the financial informa�on provided to us by the Client. We should be no�fied promptly of any changes to a client’s financial situa�on, goals, objec�ves, or needs. Clients may choose to accept or reject our recommenda�ons. If clients decide to proceed with our recommenda�ons, they may do so either through our investment advisory services or by using the advisory/brokerage firm of their choice. Por�olio Management Services for Investment Pla�orm, Signal Provider Rela�onship, and Sub- Advisory Clients Model Provider Services: Our firm offers the Mul�-Strategy Professional Series, Target Beta, Target Income and Target Drawdown Series to investment pla�orms managed by third par�es, and third-party investment advisers can license our por�olios for use with their clients. The recommenda�ons in the model por�olios generally reflect recommenda�ons we are making to our own discre�onary clients. We may have begun trading for our own discre�onary client accounts before the third-party investment adviser has received or had the opportunity to review or implement the model por�olio updates. This means that the third-party investment adviser’s clients may receive a beter or worse price for a security than that our clients pay, especially with large orders or where the securi�es are thinly traded. We do not control third-party investment adviser’s trading or the market impact of its trades to the same extent that we can, for our own discre�onary client accounts. We are not responsible for overseeing the provision of services by a model-based program sponsor, or the fees charged by such an en�ty, and cannot assure the quality of its services. Sub-Advisory Services: Cabana manages the Cabana ETFs on a discre�onary basis via a sub-advisory agreement with Exchange Traded Concepts (“ETC”), the ETF provider. Discre�onary por�olio management means we will make investment decisions and place buy or sell orders in those accounts without contac�ng the adviser or client. Our firm may also act, from �me to �me, as a third-party advisor or sub-advisor on accounts held by other registered investment advisers (and their qualified custodians), giving us the ability to implement our Mul�-Strategy Professional Series, Target Beta, Target Income and Target Drawdown Series Por�olios on behalf of those advisers’ clients. We may operate in this capacity on the custodial pla�orms of Interac�ve Brokers, Charles Schwab, and Fidelity Investments (together, our “Custodians”) primarily via the GeoWealth Pla�orm Turnkey Asset Management Pla�orm. Re�rement Plan Services Cabana Target Drawdown CITs. Cabana manages the Cabana Collec�ve Investment Trust (“CITs”) for certain assets subject to the Employee Re�rement Income Security Act of 1974, as amended, (“ERISA”). Specifically, Cabana has been appointed as Investment Manager to the CITs (as that term is defined under ERISA) by the Trustee of the CITs. The CITs are bank-maintained and not registered with the SEC under the Securi�es Act of 1933, as amended or applicable securi�es laws of any state or other jurisdic�on. The CITs are not mutual funds registered under the Investment Company Act of 1940, as amended, (“1940 Act”) or other applicable law, and unit holders are not en�tled to the protec�ons of the 1940 Act. The regula�ons applicable to the CITs are different from those applicable to a mutual fund. Employee Education Services. We may provide employee educa�on services by conduc�ng mee�ngs with employers and employees for a group, or on an individual basis, and the mee�ngs can be conducted either on-site or via teleconferencing. We may also conduct employee surveys to determine interest in specific topics and provide other communica�on services to employees regarding investment educa�on. Finally, we may assist employees with enrollment and re-enrollments in the Plan. Unless otherwise stated, the re�rement plan services are not investment advisory services or investment advice as defined under ERISA. Re�rement plan services are offered through third par�es, as follows: a pla�orm sponsored by BidMoni, Inc., along with Comprehensive Consul�ng Group and American Trust Company; and Turnkey Cabana PEP Solu�ons with access to Ameritas. Clients should promptly no�fy Cabana or their respec�ve advisor (for sub-advisory clients) if there is ever any change in their financial situa�on or investment objec�ves to ensure that the proper risk tolerance, investment objec�ves, and recommenda�ons are reflected on their account. Clients should also check their account balance by reviewing their monthly statements from their qualified custodians. Contact your advisor if you do not receive a monthly custodial statement. ASSETS UNDER MANAGEMENT As of December 31, 2023, Cabana had approximately $738,650,000 in discre�onary regulatory assets under management.