William Madison Advisors, Inc. (“William Madison Advisors” or “William Madison” or “WMA” or the “Adviser” or the “Firm” or the “Company”) provides fee-only investment management, investment consultation, and financial planning services. The Firm provides investment supervisory and management services to individuals, high net worth individuals, pension and profit sharing plans, trusts, charitable organizations, foundations, corporations, and other business entities. As of December 31, 2023, William Madison Advisors is responsible for the discretionary management of approximately $397 million in client assets. William Madison Advisors has been in business since 1997, originally founded by David L. Carter under the name “Carter Asset Management.” Effective April 1, 2018, the Firm was acquired by Cary D. Beard as part of a planned, internal succession strategy. As a result, Cary D. Beard is the President and CEO of the Firm and owns 100% of the Company. On September 18, 2023, the Firm moved into a new office location at 6452 Central Park Blvd in Abilene, Texas and began operating under the name of William Madison Advisors. This is the name of the legal entity formed by Cary Beard upon the acquisition of Carter Asset Management, Inc. on April 1, 2018. Between April 1, 2018, and September 18, 2023, William Madison Advisors, Inc. operated under the registered “doing business name” of Carter Asset Management for continuity purposes. Investment management services begin with an initial interview and data gathering to determine the Client’s individual needs, goals, investment time horizons, and risk tolerance. Based upon information provided by the Client, the Adviser will prepare recommendations for investments, which may include planning for long-term goals (e.g. retirement preparation planning, long-term endowments/foundations, or college funding) or other segments of an investment plan that may be needed. The advisory services provided by the Firm are uniquely tailored to the individual needs of each client. Recommended investments may include short-term instruments (e.g. CD’s, money market funds), stocks, bonds, stock mutual funds, Exchange-Traded Funds (ETFs), bond mutual funds, exchange-traded Real Estate Investment Trusts (REITS), oil & gas income funds, publicly-traded Master Limited Partnerships, or other traditional investment vehicles. Once recommendations are implemented, William Madison Advisors provides ongoing management, review, and reporting for the investment portfolio. The underlying portfolio assets are reviewed internally on a frequent basis, depending upon the types of investments, market conditions, or as often as individual circumstances may warrant. William Madison Advisors encourages Clients to maintain ongoing contact with the Firm and requests consultations with Clients not less frequently than annually to review and update investment and ongoing financial and investment needs. However, Clients are obligated to contact William Madison Advisors promptly if there has been any change in their current financial situation to determine if changes in investment objectives and strategies are warranted, along with an appropriate modification to the Client’s Investment Policy Statement. Clients may call the office at any time during normal business hours to discuss the Client’s portfolio, financial situation, or investment needs. Clients will receive transaction confirmations as they occur, as well as regular account

statements, from custodians or brokerage firms. Additionally, Clients may access portfolio information via the custodian’s website and/or the Client’s individual online portal provided by the Firm. The Adviser provides detailed portfolio performance reports no less frequently than quarterly, and on other occasions as determined appropriate. All Clients have a direct and beneficial interest in their own brokerage accounts that hold their investments, rather than an undivided interest in a pool of securities. William Madison Advisors does not have custody of Clients’ funds or securities. The Client may terminate the Advisory Services Agreement without penalty (full refund or no fees due) within five business days of signature, if the Client receives the Form ADV Part 2 no earlier than at the time of engagement. Otherwise, investment management services may be immediately terminated upon receipt of written notice by either party. William Madison Advisors provides consultations pertaining to general or specific investment advisory issues as determined by the Client. Such consultation services can be terminated with no fees due, if requested within five business days of signature on the Agreement, if the Form ADV Part 2 was delivered no earlier than the time of engagement. Otherwise, services can be terminated at any time by either party upon receipt of a written termination request. The Client will be invoiced only for time incurred by the Adviser until the effective date of termination. William Madison Advisors also offers Personal Financial Planning Services to review and analyze issues pertaining to income and cash management, risk management, education funding, retirement preparation planning, estate planning, and tax planning, as requested by the Client. The Personal Financial Planning Services of the Firm may focus on certain components as defined by the Client or may be comprehensive in nature. The Adviser may develop a written plan based upon the information provided by the Client and the advice and recommendations developed by William Madison Advisors. If the Client chooses a less comprehensive planning approach, it must be understood the advice provided does not take the entire scope of Client’s overall planning needs into consideration. Clients may terminate the Personal Financial Planning Agreement within five business days of signature with no fees due, if the Adviser’s Form ADV Part 2 was delivered no earlier than at the time of engagement. Otherwise, Financial Planning Services may be terminated in writing at any time by either party. In this case, the Client will be invoiced for the time, effort, and expenses incurred by the Adviser on the development of the advice or Plan prior to termination at the Firm’s applicable hourly rate. Sales of investments may result in taxable gain(s) or loss(es) to the Client. While the Firm will take these matters into consideration in the delivery of its services, the Client understands William Madison Advisors does not render tax advice and is not responsible for the tax consequences to the Client as a result of account transactions. However, Carter & Beard, P.C., a public accounting firm that is co-located with William Madison Advisors, is available to assist with these issues under a separate engagement. Clients are encouraged to consult their personal tax advisor about tax consequences as a result of transactions or any particular investment held in their account.