4.A. Advisory Firm Description Founded in 2008, Capital Investment Advisory Services, LLC (“CIAS”) is an investment advisory firm, based in the southeastern United States, which provides portfolio management and supervisory services. Richard K. Bryant is the President. 4.B. Types of Advisory Services CIAS provides several types of investment advisory services, as follows: Portfolio Management and Advisory Services Separately Managed Accounts Such accounts are individualized and separately managed, which enables the CIAS Investment Adviser Representative (“IAR”) to analyze a client’s pertinent information and objectives and develop a plan to manage their assets. The analysis and plan is discussed with the client and the investment of the account assets are administered on a continuous basis. Clients may impose investment restrictions on specific securities or types of securities. Third-party Asset Management Programs CIAS may advise a client in selecting the use of third-party discretionary managed portfolio programs, which may include Turnkey Asset Management Platforms (“TAMP”) and model portfolio marketplaces. While the programs are not sponsored by CIAS, they are made available to the firm’s clients as an investment option. In these programs, a third-party sponsor provides access, for CIAS clients, to a selection of separately managed account (SMA) strategies, which are managed by third-party separate account investment managers. In all cases, the selection of a program and subsequent third-party separate account investment manager(s) is solely the client’s choice. The fees, terms and conditions of these arrangements may vary and contact between the sponsor, separate account investment manager(s) and clients, will typically take place through the CIAS IAR. The strategies offered within a program may assess a wrap fee. In a wrap fee account, the investment management and trading expenses are combined into a single asset-based fee (bundled) and assessed by the third-party sponsor. The contract for a third-party separate account program supplements any investment advisory agreement between CIAS and the client, sets forth the fees that will be assessed by the program, and describes the total fees received by CIAS from such program. CIAS shall receive only those stated fees and no other compensation. Sub-Advised Accounts/Dual Contract Clients may, from time to time, use other investment firms to sub-advise accounts (Sub-adviser). In such cases, the Sub-adviser would provide discretionary investment advice for the accounts. The terms and conditions of these arrangements may vary and contact between the Sub-adviser and such clients will typically take place through the IAR. Accounts that are managed on a sub-advisory basis may be able to impose certain restrictions on the management of their accounts. Referrals to Third-Party Advisers In certain cases, CIAS may recommend, or solicit, the portfolio management services of outside managers. While the accounts are not managed by CIAS, a referral or solicitation fee is received. A solicitor’s disclosure document, which provides details about the arrangement, is provided to the client prior to the execution of any agreement. Portfolio Model and Advisor Update Services CIAS directly assists

its IARs in developing private-labeled mutual fund and ETF portfolios. These portfolios may include the development of a mix of risk or objectives-based model portfolios. Model portfolios typically provide asset allocation guidance and recommendations regarding the selection of mutual and exchange traded funds. CIAS provides ongoing information to its IARs on the model allocations and funds selected. As changes are recommended, each IAR and their client are free to follow and implement the changes in the client’s own investor accounts, or not implement the changes. Many clients make the changes, as not doing so would disrupt a model’s objective. Financial Planning Services CIAS may provide fee-based financial planning services, which generally begin with extensive data gathering and defining the economic goals the client wishes to obtain. CIAS may analyze the client’s present financial situation including, but not limited to, a review of assets and liabilities; current and projected income; and any existing investment portfolio, if appropriate. CIAS will then provide a written or verbal analysis and plan for managing the assets. This analysis will consider the needs and objectives of the client and suggest appropriate investment strategies consistent with these needs and objectives. CIAS may provide advice on issues relating to income, investments, retirement planning, college funding, tax planning, estate planning, securities, risk management issues, and business issues. Information gathered for review and assessment may include: wills, trust agreements, fringe benefit programs (explanation of and current status), tax returns, business agreements, insurance policies and programs (including life, disability and medical), past and current investments (including cost basis, present value, purpose of investments and tax ramifications), investment objectives, income, expenses, obligations, financial goals, names and relationships of other advisors (e.g., attorney, accountant, banker, etc.), family background and composition, and circumstances which may have an affect based upon the information provided by the client. Portfolio Review Services Included in these services may be the preparation of various financial statements and projections, the formulation and presentation of investment recommendations, coordination with other advisers, ongoing monitoring of a client’s progress toward reaching their financial goals, and consultations or other communications with the client. 4.C. Client Investment Objectives/Restrictions Our investment advisory services are tailored to meet the financial objectives of each individual client. This is accomplished by analyzing the client’s pertinent information, including consideration of investment objective, time horizon, risk tolerance, investment guidelines, and any other factors deemed relevant. Clients are able to impose trading restrictions in certain securities or types of securities. Clients wishing to set investment restrictions should provide instructions in writing. 4.E. Assets Under Management and Number of Accounts as of December 31, 2023: Discretionary $ 1,872,785,477 8,830 Accounts Non-Discretionary $ 92,297,782 83 Accounts Total AUM $ 1,965,083,259 8,913 Accounts