Trust Advisors, LLC (“Advisor”) is a privately-held corporation that began providing investment advisory services in 2018. Advisor’s parent company is Sheaff Brock Capital Management, LLC, whose principal owners are:
• David Sheaff Gilreath, Managing Director, and
• Ronald Robert Brock, Managing Director. This Brochure provides important information about Advisor, its services and compensation, the costs of its advisory services, and situations where its interests may conflict with the interests of its clients. Clients should pay particular attention to the discussions about the various potential conflicts of interest because these can affect Advisor’s judgment in managing client’s account, in recommending the custodian to hold account assets, and in choosing the broker to execute trades for the account, among other important considerations. Clients should consider that Advisor will have the authority to invest in shares of the Auer Growth Fund whose investment adviser, SBAuer Funds, LLC, is partially owned by our parent company. Advisor will have the authority to invest in shares of the Dividend Performers ETF and Preferred-Plus ETF whose investment adviser, Innovative Portfolios, LLC (IP) is wholly owned by our parent company. For certain Portfolios, Advisor will also have the authority to allocate management of account assets to a subadvisers, IP and Sheaff Brock Investment Advisors, LLC (SBIA), Salzinger Sheaff Brock, LLC ("SSB"), which are owned or partially owned by our parent company. Our parent company will benefit economically from advisory fees earned by SBAuer Funds, SBIA, SSB and IP, from client assets managed by them. This benefit provides an incentive to invest a client’s account in the SBAuer Funds, IP managed ETFs or allocate assets to IP, SBIA or SSB, based on the economic benefit our parent will receive rather than the investment needs of the client. If you have questions about the information in this Brochure, you can reach your investment adviser representative (the “Portfolio Consultant”) at the email address, telephone number, or street address shown on the Brochure Supplement he or she gives you. As used in this brochure, the words "we," "our," and "us" refer the Advisor and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm. SERVICES ADVISOR OFFERS Advisor offers a range of investment advisory programs and services ("Program"), including the following:
• Individual Portfolio Management Services (“IPM Services”)
• Model Portfolio Management Services (“MPM Services”)
• Consulting Services Please note that the information in this Brochure is necessarily general and does not address all details of Advisor’s services. Because certain terms of a client’s Advisory Agreement are negotiable, clients should always refer to their individual Advisory Agreement for terms that apply specifically to them. INDIVIDUAL PORTFOLIO MANAGEMENT SERVICES ("IPM") Through our IPM Services, we offer individualized portfolio management services for clients seeking a customized approach, rather than one based on a “Model Portfolio” (see below for a description of our Model Portfolios Management). Suitability Information Through the IPM Services, the Portfolio Consultant will work with the client to identify the client’s personal and financial situation, and the investment objective, tolerance for risk, liquidity needs, and investment time horizon (all the "Suitability Information") for the account that will be managed through the IPM Services. Based on the Suitability Information and any other information the Portfolio Consultant determines appropriate under the circumstances, the Portfolio Consultant will work with the client to develop a portfolio of investments which is suitable for initial investment of the assets to be managed through the IPM Services. The portfolio will provide for allocation of the assets among various asset classes, to be managed by the Portfolio Consultant on a fully discretionary basis according to an investment style and strategy consistent with the account's Suitability Information. Portfolio Investments For IPM Services accounts, Portfolio Consultants typically develop a portfolio comprised of a diversified mix of investments consistent with the Suitability Information. The investments are drawn from the Securities About Which We Offer Advice described below, as the Portfolio Consultant determines suitable for the account. The investment strategy and any liquidity needs and investment restrictions imposed by the client will affect the specific types of investments we purchase for the account. When suitable for the account, a Portfolio Consultant may develop a portfolio and manage an account based on investment strategy ideas or investment selections from the Model Portfolios (discussed below), adapted to the individual needs and objectives of the account. At times, specific investments can include the Auer Growth Fund or use a portfolio designed by SBIA, SSB or IP as an allocation based upon the investment objectives. These offerings are managed by affiliated companies. Tax considerations are recognized, but not the driving force in portfolio management decisions. MODEL PORTFOLIO MANAGEMENT SERVICES ("MPM") Through our MPM Services, we offer portfolio management services based on our Model Portfolios. Each Model Portfolio is designed to meet a particular investment objective. Model Portfolios can be used to build an appropriate mix of income and growth potential for the client. Following are the current Model Portfolios we offer: Value Equity - This model consists of about 30 to 35 diversified equity positions. The Value Equity portfolio invests primarily in securities of large-capitalization companies that have the potential for long- term capital appreciation. Stock selection considers factors such as security prices that reflect a market valuation that is judged to be below the estimated present or future value of the company; favorable earing prospects and dividend yield. The portfolio seeks to select securities that it believes are undervalued in relation to their intrinsic value as indicated by multiple factors. The investment objective of the portfolio is capital appreciation. The Value Equity portfolio does not attempt to time the market. The portfolio has a goal to be fully invested at all times. Income Equity - This model consists of about 25 - 30 diversified equity positions. The Income Equity portfolio strives to select companies that provide high, steady and consistent dividend income. Additionally, the portfolio seeks companies that have the ability to increase dividends and provide long term capital appreciation over time. The investment objective of the portfolio is income and capital appreciation. The Income Equity portfolio does not attempt to time the market. The portfolio has a goal to be fully invested at all times. Growth Equity - This model consists of about 30 to 35 diversified equity positions. The Growth Equity portfolio invests in companies that have the potential for revenue and earnings to grow faster than the overall market. The primary objective of the strategy is capital appreciation. The Growth Equity portfolio does not attempt to time the market. The portfolio has a goal to be fully invested at all times. Covered Call - This model consists of covered call option contracts written (sold) to correspond with existing securities held in a portfolio (as described above). A premium is received from writing/selling a covered call contract for agreeing to sell an underlying security at a specific price (strike price) by a specific date (expiration date). Turnover is very high

and short-term capital gains are common. The portfolio objective is income and secondarily capital appreciation. Preferred Income - This portfolio consists of about 20 - 25 positions in preferred stocks and corporate bond trusts that trade as preferred stocks. Generally, the stocks are NYSE listed and have a par value of $25 per share, although institutional $1,000 par securities can be used. The objective is income and capital preservation. Capital appreciation is generally minimal. CUSTODIAN Clients who wish to participate in the IPM Services or MPM Services must maintain their assets with a qualified custodian (Custodian) acceptable to Advisor, in its sole discretion. Please refer to Item 8 for information about Advisor’s methods of analysis and investment strategies, the types of investments Advisor generally recommends, and the material risks involved with respect to the IPM Service and MPM Service. Refer to Item 12 for information regarding brokerage. CONSULTING SERVICES Advisor provides a range of consulting services addressing a variety of investment and non-investment related matters, such as investment consultations. The scope of these project-based services varies, as each engagement is individually negotiated and tailored to accommodate the specific needs of a particular client. In these cases, the services we provide will be included in a consulting agreement negotiated by Advisor and the client. We will charge a project or consulting fee, which will vary depending on the scope of the services to be provided. Advice is based on objectives communicated, either orally or in writing, by the client or the client’s advisors. Advice may be provided through individual consultations or a written plan document, as agreed between Advisor and client. INFORMATION REGARDING OUR SERVICES Changes in Client Circumstances Clients are advised that changes in their personal or financial situation, investment objectives, tolerance for risk, or investment time horizon may cause the strategy or portfolio designated for the client’s account to become no longer suitable. In the event of any material change in client’s personal or financial circumstances, client should contact the Portfolio Consultant or Advisor promptly so that we may assist in identifying another program, strategy or other investments that better meet the client’s needs. Deposit Cash or Cash Equivalents Generally, for the IPM Services and MPM Services, client is expected to deliver only cash or cash equivalents to the Custodian. With Advisor’s consent, client may transfer securities to the Custodian, but the securities will be liquidated to cash as soon as reasonably practical, unless Advisor agrees that such assets may be retained in the account. Client may not transfer or deposit to the account any securities that are not publicly traded or that cannot be promptly sold, except upon our agreement. Client will grant us and the Custodian the authority, in our respective discretion, to liquidate securities transferred into the account or to require client to transfer such securities out of the account upon request. Clients may withdraw account assets on notice to Advisor, subject to usual and customary securities settlement procedures. Advisor designs its portfolios as long-term investments and the withdrawal of assets may impair the achievement of a client’s investment objectives. Advisor may consult with its clients about the options and implications of transferring securities. Clients are advised that when transferred securities are liquidated, they may be subject to transaction fees, fees assessed at the mutual fund level (i.e. early redemption or contingent deferred sales charges) and tax ramifications, for example. Differences Among Portfolio Consultants’ Accounts Portfolio Consultants develop different Portfolios for clients participating in the IPM Services and MPM Services, follow different investment strategies and styles, and have different policies and practices for developing, rebalancing, and adjusting portfolios in view of the Suitability Information of the accounts they are managing. Consequently, it is expected that the portfolios, levels of volatility, fees, expenses, returns, and performance will vary significantly among accounts from one Portfolio Consultant to another, as well as among the accounts of each Portfolio Consultant. The Portfolio Consultant will be acting on behalf of Advisor; and any discretion granted by the client to the Portfolio Consultant will be deemed to be granted to, and may be exercised by, Advisor. Advisor, as the Portfolio Consultant’s supervisor, will have the authority to direct any act of the Portfolio Consultant in the performance of any service. Although the Portfolio Consultants act under the general supervision of Advisor and Advisor monitors the accounts of each Portfolio Consultant, Advisor does not direct or mandate the investment strategy or style followed by a Portfolio Consultant. SECURITIES ABOUT WHICH WE OFFER ADVICE We offer advice regarding a wide variety of securities, including:
• exchange-listed or over-the-counter, common, preferred, or convertible securities of domestic or foreign issuers;
• warrants;
• certificates of deposit;
• corporate debt securities;
• municipal securities;
• securities issued by the US Treasury, agencies, or government sponsored enterprises;
• shares of money market funds, open-end investment companies (mutual funds), closed-end funds, unit investment trusts, and exchange-traded funds (“ETFs”); and
• option contracts on securities. However, with respect to any individual client’s account and Portfolio, our advice will be limited to those securities with respect to which the client has requested advice and those which the Portfolio Consultant determines are suitable for the account. This list is more extensive than the investments we recommend for a typical client’s account. Please refer to the discussion in Item 4 with respect to the IPM Service and MPM Service and in Item 8 for information about the investments we typically recommend. IRA and Retirement Plan Clients When the Advisor provides investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interests ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. A recommendation to roll over your assets from a retirement account to an account to be managed by the Advisor creates a conflict of interest, as we will earn additional advisory fees as a result of the roll over. There is no obligation for you to roll over your retirement account to an account managed by the Advisor. ASSETS UNDER MANAGEMENT As of December 31, 2023, Advisor managed $0 on a discretionary basis and $0 of non-discretionary assets of clients' assets.