Income & Asset Advisory, Inc. (hereinafter referred to as "IAA", the "firm" or "we") is a SEC-registered investment adviser with its principal place of business located in Armonk, New York. IAA was organized as a New York corporation in 1986, began providing investment advisory services in 2006 and has been registered with the SEC since 2009. It should be noted that registration as an investment adviser does not require nor does it imply any level of skill or training. James P. McCauley is the CEO, President, Chief Compliance Officer ("CCO"), and the firm's sole shareholder. Our firm offers the following advisory services to our clients: INDIVIDUALIZED PORTFOLIO MANAGEMENT Our firm provides continuous advice to a client regarding the investment of client funds. We tailor our advisory services to the individual needs of clients. In designing a customized portfolio for each client, we take into consideration risk tolerance, liquidity needs, income tax consequences, and investment time horizons. Expected cash flows into and out of the account are also major considerations. We ask our clients to promptly notify us when their financial situation, goals, or objectives have changed so we may make appropriate investment decisions. IAA manages these advisory accounts on a 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. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Our investment recommendations will generally include advice regarding the following securities:
• Mutual fund shares ● Exchange-traded funds (ETFs)
• Exchange-listed securities ● Securities traded over-the-counter
• Certificates of deposit ● Municipal securities
• United States governmental securities ● Closed-end funds
• Variable life insurance ● Fixed or Variable annuities
• Real Estate investment trusts (REITs) ● Interests in limited partnerships Because some types of investments involve certain additional degrees of risk, they will only be implemented when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. PENSION CONSULTING SERVICES We also provide several advisory services separately or in combination. While the primary clients for these services will be pension, profit sharing and 401(k) plans, we offer these services, where appropriate, to individuals and trusts, estates and charitable organizations. Pension Consulting Services are comprised of four distinct services. Clients may choose to use any or all of these services. Income & Asset Advisory, Inc. 5 Investment Policy Statement Preparation (hereinafter referred to as ''IPS''): We will meet with the client (in person or over the telephone) to determine an appropriate investment strategy that reflects the plan sponsor's stated investment objectives for management of the overall plan. Our firm then prepares a written IPS detailing

those needs and goals, including an encompassing policy under which these goals are to be achieved. The IPS also lists the criteria for selection of investment vehicles as well as the procedures and timing interval for monitoring of investment performance. Selection of Investment Vehicles: We assist plan sponsors in constructing appropriate asset allocation models. We will then review various mutual funds (both index and managed) to determine which investments are appropriate to implement the client's IPS. The number of investments to be recommended will be determined by the client, based on the IPS. Monitoring of Investment Performance: We monitor client investments continually, based on the procedures and timing intervals delineated in the Investment Policy Statement. These pension consulting services do not include the purchase or sale of investments in the plan; we supervise the client's portfolio and will make recommendations to the client as market factors and the client's needs dictate. Employee Communications: For pension, profit sharing and 401(k) plan clients with individual plan participants exercising control over assets in their own account (''self-directed plans''), we also provide quarterly educational support and investment workshops designed for the plan participants when the plan sponsor engages our firm to provide these services. The nature of the topics to be covered will be determined by us and the client under the guidelines established in Section 404(c) of the Employee Retirement Income Security Act of 1974 ("ERISA"). The educational support and investment workshops will NOT provide plan participants with individualized, tailored investment advice or individualized, tailored asset allocation recommendations. Sub-advisers: IAA may, from time to time, engage one or more sub-advisers to provide asset allocation and strategic investment recommendations for certain advisory client accounts that may be invested in any or all such securities as previously noted. IAA retains the discretionary authority for the implementation of such recommendations. No additional costs or fees are paid by IAA advisory clients. CONSULTING SERVICES Clients can also receive investment advice on a more focused basis. This may include advice on only an isolated area(s) of concern such as estate planning, retirement planning, or any other specific topic. We also provide specific consultation and administrative services regarding investment and financial concerns of the client. Because certain associated individuals of IAA are separately registered as representatives of a broker- dealer and/or as insurance agents/brokers of various insurance companies, recommendations Income & Asset Advisory, Inc. 6 provided as part of IAA's consulting services may be limited to only those products offered through these companies. Income & Asset Advisory, Inc. does not participate in wrap fee programs. AMOUNT OF MANAGED ASSETS As of December 31, 2023 we were actively managing approximately $116,003,615 of clients' assets on a discretionary basis.