Stonebridge Capital Advisors, LLC (“Stonebridge”) was formed in 1997 as an SEC-Registered Investment Adviser*. Stonebridge serves as a fiduciary while providing truly customized investment and private wealth management solutions. We serve clients across the nation with our primary office in St. Paul, MN, and offices in Denver, CO, and Hendersonville, TN. Stonebridge is an independent firm, primarily owned and operated by the employees and board members of our firm with a 34% share belonging to Robert and Lora Kincade. Services are provided directly to clients and through our advisor partners. At our core we believe in the values of respect, integrity and trust provided through a client-led, partnership driven process. We respect our client’s unique financial needs. We serve with integrity by designing investment solutions specifically for each client. We earn and retain trust through respecting client’s interests by partnering with them to meet their goals and objectives. Our team of professionals are experienced, having successfully managed portfolios for over four decades of market cycles. This has taught us the value of long-term investing supported by solid fundamental analysis. The true source of our success is well-founded and well-tended client relationships. We are honored to serve high net worth individuals, families, trusts, estates, endowments, foundations, retirement plans, insurance companies, non-profit organizations, corporations and third-party asset management and advisory solutions. Portfolio managers work directly with clients to fully understand their needs and objectives, document those objectives, and establish strategies to meet their goals. Client relationships are strengthened by regular communication and portfolio reviews. As a fiduciary, Stonebridge owes our clients a duty of care:
• the duty to provide advice that is in the best interest of the client
• the duty to seek best execution, and
• the duty to provide ongoing advice and monitoring for the duration of an advisory relationship and a duty of loyalty:
• requires an adviser to eliminate or make full and fair disclosure of all conflicts of interest which might incline an investment adviser (consciously or unconsciously) to render advice which is disinterested. These disclosures must be made in plain English, easily understandable, so that a client is able to provide informed consent
• and always put their clients’ bests interests above those of their own/the firm. *Registration does not imply any certain skill or training. Investment Advisory Services We offer the following advisory services to our clients: In conjunction with our Investment Management Services, Stonebridge provides Private Wealth Management. In this capacity, we serve as coordinator of the client’s team of professionals (legal, accounting, financial planning, insurance) to assure family and life goals are being addressed. These services are coordinated through the accumulation, asset protection, retirement, and wealth transfer stages of life. Our firm provides continuous asset management oversight to clients based on their individual needs. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we develop individualized Investment Strategy Guidelines (ISG), documented in each client’s Investment Management Agreement (IMA). We then create and manage a portfolio based on these guidelines. During our data-gathering process, we determine the client’s individual objectives, time horizon, risk tolerance, and liquidity needs. As appropriate, we also review and discuss a client's prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary or non-discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Stonebridge serves as a sub-advisor to other registered investment advisors and broker-dealers. In specialized circumstances we will also employ sub-advisors to serve the needs of our clients. All sub-advisory relationships are fully disclosed to clients prior to initiation of the relationship. Stonebridge also serves as the “adviser” investment manager of an SEC-registered mutual fund, The Covered Bridge Fund. We are compensated for our advisory services through the expense

ratio fees of the fund. Stonebridge does not charge investment management fees on assets invested in The Covered Bridge Fund. Our investment recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company but will generally include advice regarding the following securities:
• Publicly Traded Common & Preferred Stocks
• Corporate & Municipal Bonds
• Publicly Traded Master Limited Partnerships (MLP’s)
• Exchange Traded Funds (ETF’s)
• Mutual Funds
• Publicly Traded Real Estate Investment Trusts (REIT’s)
• Options Because certain types of investments involve an additional degree of risk, they will only be recommended and implemented when they are consistent with the client's stated investment objectives, tolerance for risk, liquidity, and overall suitability. Clients may request investment in socially responsible, or faith-based companies (values-based investments). Clients may also impose reasonable restrictions on investing in certain companies, types of securities, or industry sectors. These restrictions are documented in the ISG and reviewed regularly to assure they remain consistent with client objectives. There is risk of loss of principal by investing in any of the securities listed above. Clients should note that similar investment products are available from other brokers or agents not affiliated with Stonebridge. Retirement Accounts Guidance from the US Department of Labor (“DOL”) under Title l of the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code Section 4975 (“IRC 4975”), requires Stonebridge to inform you that when we and our team of professionals provide nondiscretionary investment advice (including the recommendation of our advisory services to you regarding your ERISA retirement plan, your participant account, or an individual retirement account (“IRA”) all of which are considered “retirement accounts”, that we and our team are fiduciaries within the meaning of ERISA and IRC 4975. The way we make money creates some conflicts with your interests, so for retirement accounts we operate under a special rule. Regulations under ERISA and IRC 4975 define fiduciary investment advice as: 1. Advice or recommendations, for a fee or other compensation, regarding investing in, purchasing or selling securities or other property to a retirement investor; 2. provided on a regular basis; 3. where the advice is provided pursuant to a mutual agreement or understanding that; 4. the advice serves as a primary basis for investment decisions with respect to the retirement account assets; and 5. the advice is individualized to the account owner. Retirement Plan Rollovers When leaving an employer, typically you have four options regarding your existing retirement plan: 1. leave the assets in the former employer’s plan, if permitted; 2. roll over the assets to the new employer’s plan, if one is available and rollovers are permitted; 3. roll over assets to an IRA, or; 4. take a full withdrawal in cash, which would result in ordinary income tax and a penalty if you are under age 59 ½. If Stonebridge recommends that you roll over your 401(k) or other qualified plan assets to an IRA, this rollover recommendation presents a conflict of interest in that we would receive compensation (or there may be an increase in compensation) when investment advice is provided following your decision to roll over your retirement assets. Stonebridge will discuss your options, including retention of your 401(k) or qualified plan assets with your current provider, if allowed. Prior to making a decision you should carefully review the information regarding your rollover options and are under no obligation to roll over retirement plan assets to an account managed by us. Publication of Periodicals Stonebridge regularly publishes articles providing information on various financial topics including, but not limited to, estate and retirement planning, market trends, economic commentary, among other things. No specific investment recommendations are provided in these articles and the information provided does not purport to meet the objectives or needs of any particular individual. Amount of Managed Assets As of 12/31/2023, we were actively managing $2,033,814,153 of clients' assets, of which $1,966,410,519 was on a discretionary basis and $67,403,634 was on a non-discretionary basis.