Capital Investment Services of America, Inc. is a fee-based investment advisory firm headquartered in Milwaukee, Wisconsin. We have provided investment advice to individuals, businesses, and organizations since 1981. A majority of our employees are owners of the firm including Paul A. Muzzey, President and Jeffrey N. Allsop, Chief Investment Officer. We serve hundreds of clients in 32 states. Combined, they have entrusted us with the management of $1,034,621,184 in client assets as of 09/30/23. As investment advisors, our clients grant us discretionary authority to build and manage portfolios custom- tailored to each client’s specific investment objectives. For this advice they pay us a quarterly management fee, discussed in greater detail in Item 5. When we provide investment advice regarding a retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act (ERISA) 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.
• Give you basic information about conflicts of interest. Since no two clients are exactly the same, no two client portfolios are the same as well. We do not use model portfolios such as those featured in “wrap programs”. Rather, we manage them on a client-by-client basis.

While more labor intensive than other methods, we believe it is a more effective way to meet client expectations. We begin by reviewing a client’s financial situation and try to learn the important facts that can help us to best meet their goals. These can include itemizing their financial assets, understanding their tax picture, learning their time horizon and income need, and importantly, their risk tolerance. If clients have specific requests, such as retaining a long-term favored stock holding or delaying a tax gain, we strive to accommodate their requests. We discuss the conclusions of this review and decide on a mutually acceptable game plan that includes a client’s asset allocation target and a timetable to put the investment plan to work. We typically use individual stocks and/or bonds and will occasionally use exchange traded funds (ETFs) or mutual funds to build client portfolios. Clients are assigned a portfolio manager and an advisor. The advisor is responsible for client communication, including face-to-face meetings and for helping determine the client’s overall strategy. The portfolio manager performs the functions of research and day-to-day management of the portfolio. We encourage clients to contact either team member whenever they have questions, comments, or concerns. Occasionally, both functions are performed by the same person. What we are not Financial advice comes in many varieties today. To avoid confusion, it is also important for clients to know what we are not: − CPAs or Tax advisors − Estate Planners − A brokerage, bank, or custodian While familiar with a broad range of tax related issues, we do not provide tax advice and usually counsel clients to hire a competent CPA to help them with tax related planning. Similarly, when appropriate, we advise clients to hire an attorney to assist with those issues as well. Since we are not a brokerage firm, our clients select a brokerage firm or bank to handle their security purchases and hold their accounts in safekeeping.