Advisors Capital Management, LLC (“ACM”) is an SEC-registered investment adviser founded in 1998 by Dr. Charles Lieberman and Kevin Kern. ACM has a national presence with its principal place of business in Ridgewood, New Jersey. The firm offers advisory services through two distinct business segments: as an outsourced investment manager for unaffiliated registered investment advisors and broker-dealers throughout the United States, and as a wealth manager to its direct clients. Each of ACM’s business segments has personnel dedicated specifically to that business and, other than offering some of the same proprietary investment strategies, provide differentiated services. Wealth management services are provided under the business name “ACM Wealth" while its services to the clients of other institutions is known as “Advisors Capital.” This disclosure brochure covers Advisors Capital’s services available to the clients of unaffiliated registered investment advisors and broker-dealers. Investment Management Services Advisors Capital offers the following discretionary portfolio management services geared toward different types of investors and contain a variety of minimums and fees. Our portfolio management strategies involve varying degrees of risk and only those consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability are utilized. The initial data-gathering process at the outset of the relationship is crucial; this is the time when the primary advisor, along with the client, identifies and reviews the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. Ultimately, this analysis helps to determine the type of advisory service (private or model) and broad investment strategy for each client. Advisors Capital offers the following discretionary portfolio management service levels. The strategies or portfolios offered may vary, depending upon the broker/dealer or registered investment advisor. Private Accounts: Uniquely Designed Portfolios of Individual Securities $300,000 minimum account Model Separate Accounts: Model Portfolios of Individual Securities $150,000 minimum account Model ETF Strategies: Model Portfolios of ETFs $50,000 minimum account Private Accounts Advisor Capital’s approach to investment management begins with a review and assessment of each client’s specified investment objective(s), risk tolerance, liquidity needs and investment time horizon. The private account management service begins with a comprehensive review of the client’s existing holdings and asset mix for the purpose of creating a streamlined and tax efficient transition of assets and/or securities to a portfolio aligned to the client’s personal investment objectives. After this 5 | P a g e assessment, we create a custom investment portfolio, which can include a mix of one or more of the firm’s proprietary strategies, individual equities, individual fixed-income securities, mutual funds and/or ETFs. Private Accounts are managed on a discretionary basis. Account supervision is guided by the client's stated objectives, as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Model Portfolio Management Utilizing Proprietary Investment Strategies Clients requiring less than customized account management or who do not meet the threshold for private account management have access to Advisors Capital’s proprietary investment strategies. These model asset allocation portfolios are generally designed to meet the needs of investors with less than $300,000 to invest: ▪ Model Separate Account Strategies ▪ Model ETF Strategies Advisors Capital offers a suite of proprietary model investment strategies designed for different types of investors. Some primarily consist of individual equities and/or fixed income securities (but may also include ETFs and/or mutual funds), while several are available in the form of Model ETF strategies as outlined below. Collectively, Advisors Capital’s strategies are designed to provide a foundation for clients’ investment portfolios through both diversification and active management. These proprietary strategies may be used exclusively or in combination with other strategies within the client’s aggregate portfolio. The investments utilized for a proprietary strategy are selected based on the stated objective(s) of the specific strategy, rather than on each client’s specific individual needs. In conjunction with the client’s primary advisor, Advisor Capital’s professionals will offer specific guidance about which strategy or combination of strategies will be best suited to each client’s investment objectives, risk tolerance and investment time horizon, among other things, and the proper allocations within the client’s portfolio framework. Due to the nature of managing a model portfolio, advisory accounts are managed on a discretionary basis only. Fixed income management at the model level is available at various pre- determined allocations through the Global Balanced strategies. Each of the following model portfolios is designed to meet a particular investment goal: MODEL SEPARATE ACCOUNT STRATEGIES MODEL ETF STRATEGIES Growth Growth Small/Mid Cap Tactical Total Return - Equity Total Return - Equity Income with Growth Income with Growth 6 | P a g e Balanced: multiple stock/bond ratio allocations ➢ 70/30 ➢ 50/50 ➢ 30/70 Global Balanced: multiple stock/bond ratio allocations ➢ 70/30 ➢ 50/50 ➢ 30/70 Global Growth U.S. All Cap ETF Global Dividend International ADR Proprietary Investment Strategies: Balanced: This strategy balances an allocation of equities with a target allocation of fixed income. The equity to fixed income ratio can change with market conditions. The fixed income assets may be taxable or tax exempt depending on the tax status of the account. The equity allocation is a diverse all-cap mix of common stocks and other securities. Fixed Income: This strategy seeks capital preservation and may invest in bonds or other stable value securities to achieve this goal. The portfolio may be taxable or tax-exempt depending on the tax status of the account. Global Balanced (ETF only): This strategy balances an allocation of a blend of foreign/domestic equity ETFs with a target allocation of foreign and domestic fixed income ETFs. The equity to fixed income ratio can change with market conditions. Global Growth: The Global Growth Strategy is based upon the belief that by emphasizing higher-yielding

stocks combined with a core portfolio of niche-focused small-and mid-cap companies, superior investment results can be achieved. The overall portfolio seeks to participate in global stock market advances and protect capital better than competing strategies during stock market declines. This strategy is most suitable for risk tolerant investors with a primary objective of capital appreciation. Global Dividend: The Global Dividend strategy seeks to provide long-term capital appreciation and income by investing in dividend-paying companies located all over the world. The portfolio invests primarily in common stocks and ADRs that regularly pay dividends. Investments are selected based on higher relative dividend yields, dividend growth potential and anticipated stock price appreciation. This globally oriented portfolio is typically diversified across seven to ten sectors. Geographically, the portfolio is diversified across eight or more countries, with the U.S. typically receiving the largest allocation. Growth: This strategy seeks to maximize capital appreciation with no consideration, or even some avoidance, of current income. The strategy invests primarily in common stocks and American depository receipts (ADRs) that offer potential growth opportunities. Income with Growth: This strategy emphasizes high current income as its primary objective, with capital appreciation as a secondary consideration. Investments are primarily in a diversified selection of income producing securities, including equities, preferred stocks, bonds and convertible securities. 7 | P a g e International ADR: The International ADR strategy seeks to provide long-term capital appreciation and income by investing in dividend-paying companies located outside of the United States. The portfolio invests primarily in ADRs that regularly pay dividends. Investments are selected based on higher-relative dividend yields, dividend growth potential and anticipated stock price appreciation. This internationally oriented portfolio is typically structured with 30 to 50 stocks diversified across seven to 10 sectors. Geographically, the portfolio is diversified across eight or more countries. Municipal Fixed Income: The Municipal Fixed Income strategy invests in Investment-Grade tax free bonds with a minimum underlying credit quality of A- or higher regardless of insurance coverage. The portfolio focuses on General Obligation bonds backed by the full faith and credit and taxing authority of the municipal issuer as well as Essential Service Revenue bonds backed by essential services of municipalities. Non-essential service revenue bonds such as airports, housing, health care and sports & convention center bonds are avoided. Private portfolios can be customized by geography, maturity, duration or credit quality. Portfolios can be state-specific, national or any combination. This strategy’s objective is to provide clients with attractive risk-adjusted tax-free rates of return. Small/Mid Cap: This strategy seeks capital appreciation by maintaining a well-diversified portfolio of primarily profitable small- and mid-cap companies. To minimize liquidity risk, we prefer to avoid companies with a high percentage of institutional ownership and favor companies with more liquidity. The portfolio is monitored to evaluate the fundamental conditions of its holdings and is typically diversified across seven to eight sectors. This strategy is most suitable for risk tolerant investors with a primary objective of capital appreciation. Tactical: Using a proprietary algorithm overlay that monitors economic conditions, the Tactical strategy invests in concentrated high-beta ETFs, as well as lower-beta holdings, depending on market conditions. During times of extreme volatility and/or perceived economic weakness, the strategy allocation may invest in government treasuries. This tactical strategy is intended for the investor seeking capital appreciation and tactical rebalancing based on the investment team’s macroeconomic determinations. Tactical portfolios can be less diversified than our typical portfolio as holdings are chosen for tactical purposes. Total Return - Equity: The Total Return – Equity seeks both long-term capital appreciation and income by investing in the common stocks of companies that regularly pay cash dividends with a high proportion of the companies included in the S&P 500 Index. Self-Directed Brokerage Account: Pathfinder Advisors Capital offers Pathfinder, a managed mutual fund program, to participants of certain qualified retirement plans which offer self-directed brokerage account (“SDBA”) options. Eligible qualified plans include 401(k)s, 403(b)s, 457 plans and 401a plans. Pathfinder is comprised of a series of mutual funds, known as the AC Funds, that are advised by AC Funds, LLC, and sub-advised by ACM. The Funds are not available individually, but instead are offered with two or more funds in a number of strategies based upon risk tolerance and the investment objective of the individual. Each strategy is developed and managed by ACM and are composed solely of the AC Funds. An SDBA window allows an individual retirement plan participant to access a wider range of investment options than may be offered through the plan menu for their qualified plan. Electing to open an SDBA account allows the participant to select among mutual funds, stocks and ETFs, including Pathfinder. There is no assurance that investing in Pathfinder versus the mutual funds offered within the plan will deliver equal or higher returns over time. 8 | P a g e The AC Funds are no-load funds, with an annual 12b-1 fee of 0.25%. Mutual funds within an SDBA window typically have higher expense ratios than the funds within the client’s qualified plans. The expense ratios of the AC Funds are 1.87%, with the exception of the Tactical Fixed Income Fund and the Active All Cap Equity Fund, which have expense ratios of 2.06% and 1.91%, respectively. Advisors Capital does not pass the 12b-1 payment onto broker/dealers or registered investment advisors offering Pathfinder as a solution for their clients. Financial Planning and Other Advisory Services Advisors Capital does not offer financial planning, insurance planning, education planning, charitable gift fund advice pension consulting or non-managed asset monitoring services. Assets Under Management As of December 31, 2023, ACM was managing client assets in the amount of $7,440,044,457 on a discretionary basis, of which $5,028,080,288 is attributable to Advisors Capital.