4 | P a g e A. Description of Firm Sovran Advisors, LLC (“Sovran” or the “Firm”) provides investment advisory services designed to help clients fulfill their financial goals. The Firm conducts investment advisory business throughout the United States through investment adviser representatives (“IARs” or “Advisors”) associated with the Firm. The firm is organized as a Limited Liability Company (LLC) under the laws of the State of California and is a wholly owned subsidiary of Sovran USA, Inc. Sovran was founded in 2023. Jeremy S. Martinson (“Mr. Martinson”) serves as the Firm’s President, Chief Financial Officer, and Secretary. Paul R. Justin (“Mr. Justin”) serves as the Firm’s Chief Executive Officer. Elizabeth Espinoza serves as the Firm’s Chief Compliance Officer (“CCO”). Such persons serve as “control persons” for the Firm and are responsible for the day-to-day operations. This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by Sovran. As used in this Brochure, the words “Sovran,” “Firm”, “we,” “our,” and “us” refer to Sovran Advisors; and the words “you,” “your,” and “Client” refer to you as either a client or prospective client of Sovran. Also, you may see the term Associated Person in this Brochure. Associated Persons are Sovran’s officers, employees, and all individuals providing investment advice on behalf of the Firm. The term “Advisors” refers to the investment adviser representatives offering advice on behalf of Sovran. B. Types of Advisory Services Offered Sovran offers multiple services through various programs described in this ADV Part 2A Brochure (collectively the “Programs”). There is no guarantee that the advisory services offered under our various Programs described in this Brochure will result in your goals and objectives being met. Nor is there any guarantee of profit or protection from loss. No assumption can be made that an advisory fee arrangement or portfolio management service of any nature will provide a better return than other investment vehicles. 1. Financial Planning Services Financial planning services are designed to provide highly customized financial planning advice for the Client that will address the Client’s stated financial objectives and/or concerns. The Firm will provide financial planning services to the Client, pursuant to a written financial planning agreement. The content and scope of the financial planning recommendations may include but will not be limited to a net worth statement, a cash flow statement, analysis of the aforementioned, and a recommended course of action detailing the specific financial recommendations being made to help the Client achieve their stated financial goals and objectives. In addition, and/or in conjunction with the Client’s stated financial goals and objectives, on an ongoing or fixed engagement basis, the following areas shall be addressed in the financial analysis and subsequent recommendations as applicable: 1. Financial Position (cash flow & debt structure management) 2. Income Tax Planning 3. Investment Planning 4. Employee Benefits Planning 5. Retirement Planning 6. Business Planning 7. Insurance Planning & Risk Management 8. Estate Planning Sovran is configured to provide for financial planning advice in two distinct methods as follows: i. One Time Fixed Engagement – Development and delivery of customized financial advice tailored to the Client’s unique financial objectives and circumstance. The financial advice will address the Client’s specific and current financial objectives and/or concerns (not ongoing financial advice). Based on the need of the Client, a fixed engagement may also be narrow in scope (such as an engagement specifically focused on estate planning, business planning, or major purchase planning). In most circumstances, a personalized interactive financial planning website will be created and shared with the Client. This provides the Client with secure access to on-demand financial reports that may include but are not limited to; cash flow, balance sheet, income statement, and retirement projections. The Client relationship in the fixed engagement financial planning capacity terminates once the recommendations addressing all the Clients specific financial objectives have been delivered to the Client and all questions and concerns regarding the recommendations have been addressed. Unless otherwise stated, the total timeframe for a fixed engagement shall not exceed 6 months. ii. Ongoing Services – This includes the development and delivery of customized financial advice as illustrated above in the One Time Fixed Engagement model, plus ongoing advice. Ongoing financial advice includes unlimited telephone and in person meetings to address any and all financial concerns of the Client. Also included are periodic meetings initiated by the Advisor to proactively address financial considerations and opportunities that may arise due to macroeconomic factors or potential changes in the Client’s financial circumstance. The Firm may also refer Clients to an accountant, attorney, or another specialist, as appropriate for their unique situation. Financial planning recommendations pose a conflict between the interests of Sovran and the interests of the Client. For example, the Firm has an incentive to recommend that Clients engage Sovran for investment management services or to increase the level of investment assets with the Firm, as it would increase the amount of advisory fees paid Sovran and the respective Advisor. Clients are not obligated to implement any recommendations made by the Advisor or maintain an ongoing relationship with the Advisor. If the Client elects to act on 5 | P a g e any of the recommendations made by the Advisor, the Client is under no obligation to implement the transaction through Sovran or the respective Advisor. Clients should understand that a conflict of interest exists if Sovran recommends its own portfolio management services as the Firm assesses additional fees for assets managed pursuant to its Portfolio Models. Financial planning recommendations are based on the client’s financial situation at the time the recommendations are provided and are based on the information provided by the client. In addition, certain assumptions may be made with respect to interest and inflation rates, use of past trends, and performance of the market and economy. Past performance is in no way an indication of future performance and Sovran cannot offer any guarantees or promises that the client’s financial goals and objectives will be met. As a client’s financial situation, goals, objectives, or needs change, the client is strongly urged to promptly notify Sovran. 2. Investment Management Services. Sovran provides discretionary investment advice and management to separately managed accounts on a continuous basis and in accordance with the investment objectives and strategies provided by the Client. Sovran holds a limited power of attorney to act on a discretionary basis with client funds. The Firm’s discretionary authority is subject to conditions or restrictions imposed by a Client, such as when a Client restricts or prohibits transactions in a particular security. Advisors shall have the power and authority to supervise and direct, on a discretionary basis, the investments of and for Client accounts (the “Account(s)”). Client Accounts will either be invested as part of the “Advisor as Portfolio Manager Program (“APM”),” or the “Unified Managed Account Program (“UMA”),” or both, or with a Third-Party Investment Manager, depending on the Client’s investment goals and objectives. i. Advisor as Portfolio Manager Program (“APM Accounts”). The Advisor as Portfolio Manager Program is a discretionary program whereby Advisor is responsible for the creation, implementation, and ongoing management of the Client’s investment strategy, as well as rebalancing and trading functions. Advisor will work together with the Client on determining the investment strategy made in accordance with a written Investment Policy Statement, and with the additional objectives of the Client as communicated to the Advisor from time to time. The Advisor shall periodically appraise and review the investments of the APM Account(s) together with all additions, substitutions, and alterations thereto. APM offers Clients access to a selection of multiple products and security types. Investments may include, but are not limited to, common or preferred stocks, options, warrants, rights, synthetic securities, exchange traded funds, mutual funds, alternatives, corporate, municipal or government bonds, notes, and/or bills. All or a portion of the Account(s) may be held in cash or cash equivalents including securities issued by money market mutual funds. The minimum APM Program Account size is $25,000. Under certain circumstances, this minimum may be waived. a. Sovran Managed Portfolios. In addition to any investment strategy created, managed, and traded by the Advisor as described above, as part of the APM program, the Advisor may also leverage “Sovran Managed Portfolio Models” (the “Portfolio Models”) that can be used in lieu of, or in addition to, Advisor created strategies. Advisor, at its discretion, may create a customized investment strategy for the Client using one or more Portfolio Models. These models include a broad array of both active and passive investment strategies that accommodate a wide array of investment risk profiles. The ability to include more than one Portfolio Model in the same Account expands the Advisor’s ability to diversify the Client’s investments. The Firm assesses additional fees on assets placed in its Portfolio Models. Please see Item 5 below for additional information. ii. Unified Managed Account Program (“UMA Accounts”). The Unified Managed Account Program is a discretionary program granted to the Firm through its relationship with Cetera Investment Services LLC, that provides single, or multiple, model options with the ability to access a curated list of third-party investment advisers (each a “Strategist” and collectively the “Strategists”) that can be used in lieu of, or in addition to, Advisor created strategies. The Advisor, at their discretion, may create a customized investment strategy for the Client using one or more model(s) created by third-party Strategists in addition to any Advisor strategy. The ability to include more than one model in the same Account expands the Advisor’s ability to diversify the Client’s investments. Advisor will initially work together with the Client on allocating the Client’s assets into one or more UMA Account(s) in accordance with a written Investment Policy Statement. Rebalancing and trading in UMA Accounts (collectively “Administrative Services”) is managed by the Custodian for an additional fee (please see Item 5 below for a description of “Administration Fees”). Third-party Strategist created portfolio models are typically asset- based models from a comprehensive perspective using mutual funds, exchange-traded funds, individual securities, or a combination thereof. The minimum UMA Program Account size is $25,000. Under certain circumstances, this minimum may be waived. iii. Selection of Third-Party Managers. At times, Sovran will also direct Clients to one or more third-party investment managers (“TPIMs”), other than Strategists available to the Firm through Cetera’s UMA platform, to manage a portion of the Client’s assets if the Firm deems such actions to the best interest of the Client. Before selecting TPIMs for Clients, Sovran will: (i) verify that all recommended TPIMs are properly licensed, notice filed, or exempt in the states where Sovran is recommending the adviser to Clients; (ii) gather such information as investment objectives,

risk tolerance, investment guidelines, time horizons and other important and necessary information relating to the Client’s assets; (iii) based upon such information, determine appropriate allocations of Client’s assets; and (iv) recommend one or more TPIMs whose management style and strategies are consistent with Client’s objectives and financial profile. Depending upon the TPIM selected, Clients may be required to enter into a separate advisory agreement with the TPIM, which will be in addition to, and distinct from, the Client Agreement executed with the Firm. TPIMs will typically have discretionary authority over the assets allocated for management, and authorized to buy, sell, and trade in securities in accordance with the Client’s investment objectives and/or selected investment strategy. Sovran shall typically provide information and/or documentation to the TPIM relative to the Client’s investment 6 | P a g e objective(s), initially when the account is opened, and anytime the Client informs the Firm of any change to their investment objectives. Sovran’s fees do not include those fees associated with allocating Client assets to designated TPIMs. a. AssetMark Platform. Sovran has entered into a platform agreement with AssetMark, Inc. (“AssetMark”) pursuant to which we manage custom strategies under AssetMark’s Advisor as Strategist Program (the “AssetMark Program”). At the onset of the engagement, Clients will enter a “Client Services Agreement” (“CSA”) setting forth the terms of the relationship between the Client, Sovran, and AssetMark pertaining to the investment of Client assets in the AssetMark Program. Under the AssetMark Program, Sovran has full and complete discretion to manage, supervise and direct the investment and re-investment of a Client’s account assets, subject to: (i) the terms of the CSA, (ii) the terms of the Agreement, and/or (iii) the investment mandate of selected investment strategies (each, a “Custom Strategy”; for the avoidance of doubt, the Custom Strategies offered in connection with the AssetMark Program are not the same as the “APM Accounts” or “Sovran Managed Portfolio Models” described elsewhere in this Brochure, but certain Custom Strategies may be substantially similar to the aforementioned models) developed by Sovran consisting of (1) investments in shares of the Mutual Funds; and (2) an insured cash deposit program offered by AssetMark Trust Company (“ATC”), into which we shall instruct ATC to maintain a target allocation of client account assets for liquidity purposes. Pursuant to the AssetMark Program, uninvested cash balances may also be temporarily invested (or “swept”) into one or more third-party money market funds registered under the 1940 Act. Such money market funds are not managed by or affiliated with Sovran. Sovran, with the support of its IARs, and in connection with managing client account assets, will (a) retrieve information relevant to a client’s financial situation, investment goals and investment objectives (collectively, “Investment Objectives”); (b) invest and re-invest all or a portion of client account assets pursuant to a Custom Strategy, consistent with the Investment Objectives; (c) periodically monitor the allocation of client account assets for consistency with the Investment Objectives, rebalance each account’s allocation in accordance with the Custom Strategy selected and change the selected Custom Strategy used for the account, as appropriate; and (d) consult with each client on a periodic basis regarding the Investment Objectives. Clients participating in the AssetMark Program must invest a minimum of $6,000 to open a qualified account and a minimum of $10,000 to open a non-qualified account. Please see Item 5 (Fees and Compensation) for additional information specific to the AssetMark Program. Sovran will not maintain possession or custody of the funds or securities of any Client. The Client funds will typically be deposited in either a brokerage firm or Custodian account. With Client’s written consent, Sovran will cause its fees to be paid out of Clients’ separately managed accounts by the Client’s Custodian. All investment advice is customizable, with each Account managed according to the investment objectives, needs, guidelines, risk tolerance, conditions/restrictions, and other information as provided by the Client. While Sovran will customize the portfolios, for example to help ensure suitability and/or to incorporate client restrictions, several clients can be invested in the same or similar investment strategy at any given time – especially if an Advisor is utilizing the Sovran Managed Portfolio Models, or one or more Strategist models. 3. Retirement Plan Consulting Services Sovran offers consulting and management services to organizations (“Plan Sponsor”) who sponsor qualified (or nonqualified) retirement plans (“Plans”), for the benefit of its employees, and intended to comply with all applicable federal laws and regulations, including the Internal Revenue Code of 1986, as amended, and the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, if applicable. Retirement Plan Consulting Services typically includes, but is not limited to:
• Assisting with the development and updates of an Investment Policy Statement (“IPS”) for the plan;
• Providing recommendations on investment options for the Plan to offer to participants;
• Monitoring performance of money managers and investment options and making recommendations for changes;
• Facilitating interactions with other retirement plan service providers, such as custodians, third party administrators and record keepers;
• Providing educational presentations to plan participants;
• Facilitation of plan conversions between investment and/or recordkeeping providers; and/or
• Supporting participants with enrollment into the plan, investment or allocation changes, facilitation of loans and/or distributions. These services are based on the objectives, demographics, time horizon, and/or risk tolerance of the plan and its participants. The terms and conditions of the engagement are generally set forth in the ERISA Client Agreement between Sovran and the Plan Sponsor. The Plan fiduciary is free to seek independent advice about the appropriateness of any recommended services for the Plan. For those services outlined above, Sovran acknowledges that it is a fiduciary with respect to the Plan under Section 3(21)(A)(ii) of ERISA and, as such, is a co-fiduciary with the trustees(s) of the Plan solely with respect to (a) the provision of investment education of the employer and/or Plan participants (depending on the specific services provided); (b) the periodic reporting on, and analysis of, the investment options available under the Plan; and (c) the provision of advice to the trustee(s) regarding the elimination or addition of investment options available under the Plan; provided, however, that the trustee(s) acknowledge and agree that the trustee(s) have the final and conclusive responsibility for the investment options selected to be available under the Plan. At times, Sovran will also act as an investment manager with respect to the Plan under Section 3(38) of ERISA. In this role, Sovran is a limited scope fiduciary with respect to the plan under Section 3(38) of ERISA for only those services under the Client agreement for which Sovran has explicit authorization and/or discretion over Plan assets. Such services include, but are not limited to, Sovran having discretion over the establishment of the Plan’s IPS, and the prudent selection, monitoring, removal, and/or replacement of the Plan’s investment options. 7 | P a g e Sovran is not responsible for any fiduciary duties or responsibilities imposed on the plan’s fiduciaries under ERISA not explicitly contemplated in the Client agreement; and will not be responsible for investment decisions made by plan participants with respect to the investment of their accounts. C. Advisory Agreements 1. Information Received by Individual Clients At the onset of the client relationship, Sovran gathers information on each client’s investment objectives, risk tolerance, time horizons and financial goals. Sovran does not assume responsibility for the accuracy of the information provided by the client and is not obligated to verify any information received from the client or from any of the client’s other professionals (e.g., attorney, accountant, etc.). Under all circumstances, Clients are responsible for promptly notifying Sovran in writing of any material changes to the Client’s objectives, risk tolerance, time horizon, and financial goals. In the event a client notifies Sovran of any changes, Sovran will review such changes and implement any necessary revisions to the Client’s portfolio. The investment advisory services provided by Sovran Advisors depend largely on the personal information you provide to your Advisor. For our Firm to provide appropriate investment advice to, or, in the case of discretionary accounts, make appropriate investment decisions for you, it is very important that you provide accurate and complete responses to your Advisor’s questions about your financial condition, needs and objectives, and any reasonable restrictions you wish to apply to the securities or types of securities to be bought, sold, or held in the managed account. It is also important that you inform your Advisor of any changes in your financial condition, investment objectives, personal circumstances, and reasonable investment restrictions on the account, if any, which may affect your overall investment goals and strategies. 2. Client Agreements and Disclosures Each Client is required to enter into a written agreement with Sovran setting forth the terms and conditions under which the Firm shall render its services (the “Agreement”). In accordance with applicable laws and regulations, Sovran will provide its Form CRS (ADV Part 3), disclosure brochure (ADV Part 2A), brochure supplement (ADV Part 2B) and most recent Privacy Notice to each Client prior to or contemporaneously with the execution of the Agreement. The Agreement between Sovran and the Client will continue in effect until terminated by either party pursuant to the terms of the Agreement. Sovran’s fees (as discussed below) shall be prorated through the date of termination and any remaining balance shall be charged or refunded to the Client, as appropriate, in a timely manner. Neither Sovran nor the Client may assign the Agreement without the prior consent of the other party. Transactions that do not result in a change of actual control or management of Sovran shall not be considered an assignment. As further discussed in Item 15 below, Client’s assets will be custodied with a qualified Custodian. All Custodial and execution fees assessed for Client’s assets remain the sole responsibility of Client. D. Participation in Wrap Programs Sovran does not participate in any wrap programs at this time. E. Amount of Client Assets Managed As of April 17, 2024, the following represents the amount of client assets under management by the Firm on a discretionary and non- discretionary basis: Type of Account Assets Under Management Discretionary $841,576,392 Non-Discretionary $0 Total: $841,576,392 1. Assets Under Advisement Sovran also provides investment and financial advice for assets that are not directly managed by the Firm (“Assets Under Advisement” or “AUA”), such as a client’s annuity product, 401K, pension, or other deferred compensation plans. As of April 17, 2024, the following represents the amount of AUA by Sovran: Type of Account Assets Under Advisement (“AUA”) Total: $0