FIRM PROFILE CapWealth Advisors, LLC (“CapWealth” or “CWA”) is a Securities and Exchange Commission (“SEC”) Registered Investment Adviser (“RIA”). The SEC defines an investment adviser as an individual or firm that is in the business of giving advice. Even though CapWealth is registered with the SEC, neither the SEC nor any state securities authority has approved the information disclosed in this brochure. Also, being an RIA does not imply that CapWealth or its associates have achieved any specific level of skill or training. CapWealth is a Limited Liability Company (LLC) based in Franklin, Tennessee and has been in business since 2009. The Firm is owned by CapWealth Group, LLC. INVESTMENT MANAGEMENT SERVICES CapWealth offers the following types of services:  INVESTMENT SUPERVISORY SERVICES. When providing this service, CapWealth will emphasize continuous and regular account supervision for the purpose of client wealth accumulation. This accounts for 95% of the firm's business.  MANAGEMENT OF INVESTMENT ADVISORY ACCOUNTS NOT INVOLVING INVESTMENT SUPERVISORY SERVICES. This service consists of initially working with clients to identify investment goals, risk tolerance, and investment time horizon. This accounts for 5% of the firm's services.  THE INVESTMENT SERVICES OFFERED BY CAPWEALTH CAN BE PROVIDED ON EITHER A DISCRETIONARY OR NON-DISCRETIONARY BASIS. Under the Discretionary Investment Management Agreement, clients grant CapWealth complete and sole discretion to manage their account(s). The account(s) will be managed in accordance with each client's investment objectives, risk tolerance, and investment time horizon. Management of the account(s) is subject only to any reasonable restrictions that the client has provided to CapWealth in writing. Pursuant to this grant of discretion, clients authorize CapWealth to invest in securities and other investments of any nature whatsoever, at the time and in the manner that CapWealth determines. CapWealth will also act on the client's behalf in all other matters necessary or incidental to the handling of the account, without discussing these transactions or actions with the client in advance. The specific terms of the investment advisory relationship between each client and CapWealth are set forth in the client's Investment Management Agreement. Under the Non-Discretionary Investment Management Agreement, CapWealth provides investment advice to clients on a non-discretionary basis. This advice is in accordance with each client's investment objectives, risk tolerance, and investment time horizon. CapWealth will recommend the purchase and/or sale of securities to clients. But, CapWealth will not execute any recommendations until such time the Firm obtains the client's authorization to do so. The specific terms of the investment advisory relationship between each client and CapWealth are set forth in the client's Investment Management Agreement.  INDIVIDUAL CUSTOMIZATION. Each client informs CapWealth of the investment

objectives, risk tolerance, and investment time horizon for the account(s). Each client will also notify CapWealth of any reasonable restrictions that the client wishes to impose on the management of the account(s). These restrictions could include designating particular securities or categories of securities that should not be purchased or sold in the account(s). Based on the information provided by the client, CapWealth, to the fullest extent possible, will tailor services to meet the individual needs of each client.  FINANCIAL PLANNING. One of the services offered by CWA is Financial Planning. This service may be provided as a stand-alone service or may be coupled with other wealth management services. Financial Planning may include advice that addresses one or more areas of a client's financial situation, such as estate planning, risk management, budgeting and cash flow controls, retirement planning, education funding, and investment portfolio design and ongoing management. Depending on a client’s particular situation, financial planning may include some or all of the following: - Gathering factual information concerning the client's personal and financial situation; - Assisting the client in establishing financial goals and objectives; - Analyzing the client’s present situation and anticipated future activities in light of the client’s financial goals and objectives; - Identifying problems foreseen in the accomplishment of these financial goals and objectives and offering alternative solutions to the problems; - Making recommendations to help achieve retirement plan goals and objectives; - Designing an investment portfolio to help meet the goals and objectives of the client; - Providing estate planning - Assessing risk and reviewing basic health, life and disability insurance needs; or - Reviewing goals and objectives and measuring progress toward these goals. Once Financial Planning advice is given, the client may choose to have CWA implement the client’s financial plan and manage the investment portfolio on an ongoing basis. However, the client is under no obligation to act upon any of the recommendations made by CWA under a Financial Planning engagement and/or engage the services of any recommended professional.  WRAP FEE PROGRAM. CWA does not offer wrap fee programs. ASSETS UNDER MANAGEMENT As of December 31, 2023, CapWealth managed the following client assets: Discretionary assets of $ 1,333,916,736 Non-Discretionary assets of $ 17,011,790 INVESTMENTS CapWealth offers advice on the following types of investments:  Alternative investments  Exchange-listed securities  Securities traded over-the-counter  Foreign issues  Corporate debt securities  Commercial paper  Common Stock  Certificates of deposit  Options contracts on securities  Money markets  Municipal securities  Variable life insurance  Variable annuities  Mutual fund shares  Preferred stock  United States government securities 6