Services: A wrap fee program is an advisory program under which a specified fee or fees, not based directly on transactions in the client's account, is charged for advisory services, which may include portfolio management or advice concerning the selection of other investment advisers and the execution of the client’s transactions. However, clients with accounts in a wrap fee program could be charged various clearing fees, exchange fees, platform fees, postage, handling, custodial fees and other charges on transactions involving the account. This Wrap Fee Program Brochure is limited to describing the services, fees, and other necessary information the clients should consider prior to becoming a client within the Wrap Fee Program sponsored by Packerland Brokerage Services, Inc. (“Packerland” or the “Firm”). For a complete description of the other services and fees offered by Packerland, clients should refer to its Form ADV Part 2: Firm Brochure (the “Firm Brochure”), which is herein incorporated by reference. You may obtain a copy of the Firm Brochure by contacting Aaron A. Doelger, Chief Compliance Officer of Packerland, at (920) 662-9500 or via email at [email protected]. Alternatively, you may download a copy of the Firm Brochure by accessing the Disclosures section in the footer of the company website at https://www.packerlandbrokerage.com Please note that the Packerland Wrap Fee Program is distinct and different from Packerland’s Solicitor’s Program, wherein the Firm and its investment adviser representatives assist their clients in the selection of a third-party money manager as the registered investment adviser and investment manager for the clients’ portfolios. If you would like to know more about the Solicitor’s Program, please review the Firm Brochure. You should also note that Packerland offers other advisory programs on a wrap fee basis that are sponsored by other registered investment advisers. For example, Packerland offers wrap fee programs sponsored by its custodian, Hilltop Securities, Inc. (“Hilltop”), a registered investment adviser. In these programs, Packerland will act as co-fiduciary, along with Hilltop, for all accounts using any of these advisory programs. These advisory programs also utilize the platform sponsored by Envestnet, Inc., another registered investment adviser (these advisory programs are hereinafter referred to as “Advisory Programs Using Envestnet through the Hilltop Platform”). These programs are generally described in the Firm Brochure, but are more specifically described in Hilltop’s Form ADV, Part 2 and Hilltop’s Appendix 1 to Form ADV (the “Hilltop Disclosure Documents”). Hilltop distributes the Hilltop Disclosure Documents to all participants that desire to enter into the Program. Clients should consult the Hilltop Disclosure Document if they are participants in the Hilltop Programs. Packerland Wrap Fee Brochure 5 Asset Advisory Account (AAA) Packerland sponsors the Asset Advisory Account (the "AAA”), a wrap fee program of which Hilltop is the custodian. As discussed in Packerland’s Firm Brochure, Packerland made the decision to terminate the AAA Program as of June 30, 2023 and has not accepted any new AAA accounts since January 1, 2023. While Packerland will no longer be accepting new accounts in 2024, clients currently in the AAA program had been notified and advised to determine whether it would be in their best interest to allocate the funds currently in the AAA Program to (i) a similar program using Envestnet through the Hilltop platform (as described below) or (ii) another Packerland program. Since this AAA program will be fully terminated on June 30, 2024, Clients currently in the AAA program should discuss this with their IARs (including the termination date) and allocate all assets currently in the AAA program to another Packerland advisory program or brokerage program before the AAA program is closed and no longer available. If Clients in the AAA program have not provided their IARs with a direction to move their assets to another Packerland advisory program, the assets in the AAA Program will be converted to a Packerland brokerage account as of July 1, 2024 and Packerland will no longer be acting as a fiduciary for the brokerage account. Clients in the AAA Program, which is terminating on June 30, 20234, are aware that Packerland and its investment adviser representatives (“representative”) provide investment advice, portfolio monitoring and performance reporting services for an annual fee, which is based on the value of the assets held in an account established under the AAA Program. After receiving advice or recommendations from Packerland and its representatives, clients who participate in the AAA Program will utilize the AAA Program to make his or her own determination regarding the investments that are best suited to meet the client’s goals and objectives. All investment decisions are the sole responsibility of the client. The AAA Program is generally not discretionary in nature (unless otherwise indicated) and the Packerland representative will not make independent investment decisions without first consulting with the client and obtaining client approval to execute the investment advice being provided. Packerland and/or Hilltop will also provide various administrative services which include determining, at least quarterly, the fair market value of assets held in the client’s AAA Program account(s) and producing a quarterly portfolio performance report for the client. The quarterly performance report will detail account assets and summarize receipts and disbursements of funds, interest and dividends received and account gain or loss for the total account. It is important to note that Packerland will not take possession of, or maintain custody of, the client's funds or securities, but shall simply monitor the holdings within the portfolio and make trades within the portfolio pursuant to the authorization granted by the client. Possession and custody of said funds and/or securities shall be maintained by Hilltop. Packerland Wrap Fee Brochure 6 ERISA Accounts If the wrap fee account is established with respect to an individual retirement account or a retirement plan subject to the provisions of the Internal Revenue Code of 1986, as amended (the “IRC”), or the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, certain investments may be prohibited. For example, cross agency trades, principal trades or trades in which Packerland is acting as “agent for another” when dealing with the client’s account are generally not permitted. No such transactions shall be permitted unless the client is separately notified of such transaction and gives consent prior to the completion of such transaction. In addition, Packerland shall comply with ERISA prohibited transactions or obtain any required ERISA prohibited transaction exemptions. Other Wrap Fee Programs Packerland’s Firm Brochure describes other wrap fee programs utilized by the Firm, which are sponsored by other parties. The Firm Brochure provides a general description of these wrap fee programs sponsored by other parties. If you would like further information about these wrap fee programs that are not sponsored by Packerland, please advise your representative and he or she will advise you about these programs and provide you with their wrap fee program brochures. Fees: Packerland’s fees for participation in its wrap fee programs are generally described in Item 5 of the Firm Brochure under Investment Management Services for the various advisory programs offered by Packerland, including wrap fee programs it sponsors. Asset Advisory Account Participants in the AAA Program agree, via the Investment Advisory Services Agreement (the “Agreement”) to pay Packerland an annual fee, assessed quarterly, for transaction execution, portfolio management and clearing services (the “Investment Management Services”). Packerland’s annual fee for Investment Management Services (the “Fee”) provided under this Agreement shall be a percentage of the net value of the assets under management in the AAA account (the “Account”) in accordance with the negotiated fee between Packerland and the client. Notwithstanding the negotiable nature of the fee, the maximum annual fee for the AAA Program shall not exceed two and one-half percent (2.5%). No portion of Packerland’s compensation shall be based on capital gains or capital appreciation of the assets except as provided for under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). As set forth in the Agreement, all AAA advisory fees are paid in advance. Thus, certain additions or withdrawals exceeding the threshold established by the custodian will cause the custodian to prorate the fees charged to the clients. Thus, the fees charged to the Packerland Wrap Fee Brochure 7 clients will NOT be adjusted if there are additions or withdrawals that do NOT exceed the threshold. As of the date of this brochure, the threshold established by the custodian is $10,000.00 for both additions and withdrawals. Clients are advised to discuss how additions or withdrawals may affect the calculation of the assets under management with their Packerland representative. In addition to Packerland’s Fee, the client shall also incur, relative to certain securities purchases, charges imposed directly at the securities level (e.g. mutual fund advisory fees and other fund expenses). The client may also incur charges for other account services provided by Packerland or Hilltop. Please consult with your representative regarding specific charges that you would incur as a result of opening an Account with Packerland. How are Fees Charged? Accounts Initially Opened as a Brokerage Account It is important to note that the client accounts in a wrap fee program and its associated fees will not be in effect until after the account is approved as an advisory account, even if the originally intent was to open an advisory account. Packerland will open all client accounts initially as a brokerage account and fees associated with the establishment of that account will be consistent with the fees associated with a brokerage account until the account has been approved as an advisory account. Thus, until the account has been approved as an advisory account, with the Agreement signed by both Packerland and its custodian, normal brokerage fees, including transaction costs and commissions will be assessed to the account. This would include any sales of securities to meet eligible securities standards that may be imposed by certain portfolio managers to meet the guidelines set by the portfolios. Asset Advisory Account The annual fee for Investment Management Services shall be paid on a calendar quarterly basis, in advance, based upon the value of the client’s account in the AAA Program (the “Account”), net of any AAA fee exempt investments, as determined by Hilltop. No increase in the annual fee shall be effective without prior written communication with the client. The fees are debited, by Hilltop, from the client’s AAA Account in accordance with the terms stated in the advisory agreement, and Hilltop will remit such fee to Packerland in accordance with required regulatory procedures. Clients deciding to pay Packerland directly for its services should advise their representatives of this fact and arrange for direct billing. Clients paying Packerland’s fee directly shall note that the Packerland fee is due and payable upon receipt of Packerland’s billing invoice. Packerland Wrap Fee Brochure 8 What services are covered by the Program fees? Packerland and its representatives will provide the client, upon acceptance of the client’s wrap fee account, Investment Management Services, including portfolio reviews and recommendations. Packerland and/or the custodian will also provide various administrative services which include determining the fair market value of assets held in the client’s account at least quarterly and producing a quarterly report for the client, detailing account assets and summarizing receipts and disbursements in the Account, interest and dividends received and account gain or loss for the Account. Packerland will not take possession of, or maintain custody of, the client's funds or securities but shall simply monitor the holdings and make trades within the portfolio pursuant to the authorization granted by the client. Possession and custody of said funds and/or securities shall be maintained by the custodian. What services are not covered by the Program fees? Asset Advisory Account The AAA fees do not cover brokerage fees to the extent that (i) trades were made prior to the Account being accepted by both Packerland and its custodian and (ii) trades are conducted through brokers or dealers other than Packerland or Hilltop (see discussion regarding Stepped-Out Trades in Item 5 of the Firm Brochure), and (iii) custody charges if the client uses an entity other than Hilltop as the custodian. Clients should also note that, under its current fee schedule which is effect as of the date of this brochure, Packerland may charge additional clearing fees, exchange fees, postage, handling and other charges on transactions involving the Account in accordance with the schedule then in place at the time if the client goes over a 150% account turnover rate. Clients should consult their representative as to the current fee as the fee schedule may be subject to change at the sole discretion of Packerland. The AAA fees do not include expenses of mutual funds and ETFs such as fund management fees, which are charged to each fund directly, with an impact on the net asset value to each of the fund's investors. Mutual funds contain internal expenses which are separate and apart from, and in addition to, AAA fees and are generally described in the respective funds’ prospectuses. Generally, Packerland, in selecting the funds to purchase on behalf of the client, will select the best share class available for the clients, which generally would not pay any distribution fee, such as those assessed pursuant to SEC Rule 12b-1 of the Investment Company Act of 1940, as amended (“12b-1 fees”). In the AAA program, Hilltop, as custodian for Packerland, has an automated program which would refund these 12b-1 fees back to the client. Packerland Wrap Fee Brochure 9 Clients should take note of the information contained in Item 5 of the Firm Brochure under Investment Management Services. Other Fees and Expenses Clients may incur charges for other account services provided not directly related to the execution and clearing of transactions, including, but not limited to, Individual Retirement Account (“IRA”) custodial fees, safekeeping fees, wire transfer fees, interest charges on margin loans, exchange fees, fees for transfers of securities, SEC fees and any and all fees other than commissions or advisory fees for the purchase and sale of securities, the fees of the custodian and reporting services. Advisory Fees in General Clients should note that similar advisory services may (or may not) be available from other registered (or unregistered) investment advisers for similar or lower fees. Clients should also note the information contained in Item 5 of the Firm Brochure under General Information. Limited Prepayment of Fees As a registered investment adviser, Packerland does not require or solicit payment of fees in excess of $1,200.00 more than six months in advance of services rendered. Additional Information about Program fees Once the participant’s account has been approved as an account under the wrap fee programs, the participant receives investment advisory services, the execution of securities brokerage transactions through the custodial broker, and custody and reporting services for a single specified program fee. Clients are cautioned that, depending on the level of fees charged by the executing broker-dealer and the amount of portfolio activity in the clients' accounts, the value of the services provided under each program may exceed the total cost of such services had they been provided separately. In addition, the fees may be higher or lower than that charged by other sponsors of comparable wrap fee programs. General Information: Termination of the Advisory Relationship Packerland and/or the client may terminate the Agreement for the wrap fee programs at any time and for any reason, by providing written notice of such election to the other party. This agreement will also terminate automatically upon receipt by Packerland or Hilltop of legal notice of the death of the client. Termination of this agreement will not affect the client’s liability or responsibility with regard to transactions for the client’s account(s) in the Packerland Wrap Fee Brochure

10 wrap fee programs and the client agrees to be responsible for any commissions, fees or expenses prior to or after such termination. Transaction processing charges paid to Packerland are not subject to refund in the event of termination of the agreement because they will be incurred at the time a service is performed. Upon request, prior to transfer of assets, all fees due under the agreement at termination will be deducted from the client’s account(s) in the wrap fee programs before assets are delivered from the account. The client may also terminate the agreement within five (5) business days of the effective date. If the client elects to terminate the agreement within the five (5) business days of the effective date, Packerland will make an adjustment to its fee process such that the client would not be paying a fee for Packerland’s services. Upon termination of any account, any prepaid, unearned fees will be promptly refunded within 30 days. In calculating a client’s reimbursement of fees, we will pro rate the reimbursement according to the number of days remaining in the billing period. Grandfathering of Minimum Account Requirements Advisory clients are subject to Packerland’s minimum account requirements and advisory fees in effect at the time the client entered into the advisory relationship. Therefore, Packerland’s minimum account requirements may differ among clients. ERISA Accounts Packerland offers non-discretionary investment advisory services and administrative services (each a form of “Retirement Plan Services”) that are designed to assist plan sponsors of employee benefit plans (“Sponsor(s)”). When providing any non-discretionary investment advisory service, Packerland will solely be making investment recommendations to the Sponsor and the Sponsor retains full discretionary authority or control over assets of the Plan. Packerland agrees to perform any non-discretionary investment advisory service to the Plan, as a fiduciary, as defined in ERISA Section 3(21)(A)(ii) and will act in good faith and with the degree of diligence, care and skill that a prudent person rendering similar services would exercise under similar circumstances. When providing any administrative service, Packerland may support the Sponsor with Plan governance and committee education, vendor management and service provider selection and review, investment education or provide Plan participant non-fiduciary education services. Packerland agrees to perform any administrative service solely in a capacity that would not be considered a fiduciary under ERISA or any other applicable law. Custody Clients should note that by signing the Agreement, they have directed the custodian to pay the advisory fee on a scheduled basis without any additional prior notice. All account assets, transactions, and advisory fees will be shown on the monthly or quarterly Packerland Wrap Fee Brochure 11 statements provided by the custodian. As part of this billing process, the client's custodian is advised of the applicable fee schedule so the custodian can calculate the amount to be deducted from that client's account for the investment advisory fee. On at least a quarterly basis, the custodian is required to send to the client a statement showing all transactions within the account during the reporting period. Because the custodian calculates the amount of the fee to be deducted, it is important for clients to carefully review their custodial statements to verify the accuracy of the calculation, among other things. Clients should contact Packerland directly if they believe that there may be an error in their statement. When performing retirement plan services, custody of all retirement plan assets will be maintained with a third-party custodian selected by the Sponsor, and the retirement plan recordkeeping will be provided by a third-party recordkeeper selected by the Sponsor. We will not serve as a custodian of a retirement plan for which we provide advisory or investment management services. Packerland does not have actual or constructive custody of client accounts. To the extent that Packerland acts as Trustee for certain accounts, Packerland may have “inadvertent custody” of certain accounts. In those cases, an independent audit will be done. Investment Discretion Clients may hire Packerland to provide discretionary asset management services, in which case it place trades on a client's behalf without contacting the client prior to each trade to obtain the client's permission. Packerland’s discretionary authority includes the ability to do the following without contacting the client:  determine the security to buy or sell; and/or  determine the amount of the security to buy or sell. Clients give Packerland discretionary authority when they sign an investment advisory agreement and select the discretionary option. Clients may limit this authority by giving Packerland and its investment adviser representatives with written instructions. Clients may also change or amend such limitations by once again providing Packerland and its investment adviser representatives with written instructions. Brokerage Practices Packerland does not have any soft-dollar arrangements and does not receive any soft- dollar benefits. In addition to being a registered investment adviser, Packerland is also registered as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”). Packerland Wrap Fee Brochure 12 As a matter of policy and practice, Packerland does not generally execute client trades on a block trade basis and, therefore, implements client transactions separately for each account. Consequently, certain client trades may be executed before others, at a different price and/or commission rate. Additionally, our clients may not receive volume discounts available to advisors who utilizes block trades for clients. Compensation: Packerland, in addition to being a registered investment adviser, is registered as a broker- dealer and is a member of FINRA. Since the investment adviser representative is also a registered representative of Packerland’s broker-dealer, the investment adviser representative will receive compensation in the form of a portion of all advisory fees paid to Packerland pursuant to the Agreement. Further, the investment adviser representative may also be a registered securities representative affiliated with Packerland. In that capacity, the registered representative may provide securities brokerage services through Packerland which involve securities not transacted in the client’s AAA account pursuant to the terms and conditions of this agreement. Such securities transactions may result in a commission to be paid to Packerland and, if so, the affiliated registered representative will receive a portion of said commission. Unless specifically excluded by the terms of the Agreement, account balances in the money market funds are included as part of the account. Consequently, any asset-based fees owed under the Agreement will be based, in part, on the balances in these investments. In addition, the custodian may serve as adviser, distributor, or administrator to the money market funds and receive compensation for those services. The money market funds may also pay shareholder servicing, shareholder communication, sub- accounting, and 12b-1 fees and charges to the custodian, as well as fees for the execution of purchases of fund shares, or for trade clearance, settlement, custodial or other functions ancillary thereto. These fees and charges are expenses of the money market funds, which the client will bear, indirectly, as a fund shareholder. Some money market funds make a “Distribution Payment” to the clearing firm utilizing their funds as the investment vehicle for overnight cash sweep accounts. Some clearing firms will pay a portion of the Distribution Payments they receive to their participants. Packerland has advised its clearing firm that it does not want to be a recipient of any Distribution Payments and such Distribution Payments should be rebated back to the client. Similarly, Packerland has caused its clearing firm to establish an automated program which will capture any 12b-1 fees which would normally be payable to Packerland and rebate those 12b-1 fees back to its clients. Packerland and the custodian are permitted to route, within the AAA Program, client orders for over-the-counter and listed equity securities to selected market makers or market centers for execution. While they have an obligation to provide best execution services to the client, the client should note that both entities may receive compensation in the form of a per-share cash payment for directing order flow to these market makers or market centers. Packerland Wrap Fee Brochure 13 Some transactions executed for an AAA account may be effected in the secondary or third market. In this event, Packerland and/or Hilltop may receive other remuneration or compensation and will furnish the source and amount upon written request. Depending on the fee percentage charged, the trading activity and types of securities utilized in the client’s wrap fee account, the total costs to the client will be more or less than the client would incur if the client paid separately for investment advice, brokerage and other services provided by each program. Packerland may, therefore, have a financial incentive to recommend these programs over other services offered by Packerland. Various vendors, product providers, distributors and others may provide non-monetary compensation by providing training, education and publications that may further Packerland’s employees’ skills and knowledge. Some vendors may occasionally provide Packerland with gifts, meals and entertainment of reasonable value consistent with industry rules and regulations. Packerland may, in accordance with its compliance policies and its code of ethics, accept reasonable lodging and/or travel expenses from third parties related to educational seminars (including those regarding products it recommends); reimbursement of its reasonable lodging, travel expenses and costs related to its due diligence investigations; and/or third-party payment of its conference fee costs or fees to attain professional designations. The existence of these gifts, meals and entertainment provided by these vendors and others, which are consistent with industry rules and regulations and Packerland’s Code of Ethics, may create a conflict of interest that could influence Packerland and its representative to use these vendors that may have higher costs or less favorable services than other suitable alternatives which do not provide equivalent compensation to Packerland or its representatives. Mutual Funds All fees paid to Packerland for investment advisory services are separate and distinct from the fees and expenses charged by mutual funds and/or ETFs to their shareholders (collectively referred to hereinafter as “mutual fund fees”). Clients should note that many mutual funds have different share classes, with some share classes paying a distribution fee to broker-dealers (a “12b-1 fee”) and others that do not. Consequently, share classes that do not pay a 12b-1 fee are less expensive for clients. The mutual fund fees and expenses, including those assessed by different mutual fund share classes, are described in each fund's prospectus. These fees will generally include a management fee, other fund expenses, and a possible distribution fee. If the fund also imposes sales charges, a client may pay an initial or deferred sales charge. Packerland will generally not recommend a share class that pays a 12b-1 fee to Packerland or its broker-dealer when there is another share class with similar characteristics that does not pay a 12b-1 fee to the broker-dealer. However, in situations where the only share class that is available is a share class that pays a 12b-1 fee, Packerland and its representatives will disclose the fee to the clients and recommend that share class if that share class is in Packerland Wrap Fee Brochure 14 the best interest of the client. A client could invest in a mutual fund directly, without Packerland’s services or the services of the third-party money manager. In that case, the client would not receive the services provided by Packerland which are designed, among other things, to assist the client in determining which mutual fund or funds are most appropriate to each client's financial condition and objectives. The client should review both the fees charged by the funds and Packerland’s fees to fully understand the total amount of fees to be paid by the client and to thereby evaluate the advisory services being provided. All or a portion of the wrap fee accounts may be held in cash or cash equivalents issued by money market mutual funds. Packerland’s custodian may receive fees (a “Distribution Payment”) for the services provided as set forth in the prospectuses of these mutual funds. Packerland has advised its custodian that it does not want to participate in any Distribution Payments and, to the extent a Distribution Payment is made, Packerland has directed its custodian to rebate such Distribution Payment back to the client. As part of the wrap fee programs, the client should receive of a copy of mutual fund prospectuses and the client should refer to each mutual fund prospectus for detailed information about any and all fees. General Fee Practices Asset Advisory Account Transactions that have not settled prior to the last trading day of a calendar quarter may be included in either the current or the following calendar quarter, as determined by Packerland pursuant to its policies, procedures and practices. Fees are not charged on the basis of a share of capital gains or capital appreciation of assets in the advisory client’s account (sometimes referred to as “performance-based fees”). Unless otherwise provided in the investment advisory agreement, Packerland will calculate fees on the basis of a 365-day year so that the amount payable each quarter will be based on the actual number of calendar days in that quarter. If a client terminates their account prior to the end of any quarter, they will receive a pro-rated refund, if any, of advisory fees paid in advance. Unless otherwise limited by the custodian and subject to usual and customary securities settlement procedures, a client may make additions or withdrawals from their account at any time. Clients should understand that additions to or withdrawals from certain accounts may affect the fees for the accounts as the fees are calculated based upon the assets under management. For example, certain additions or withdrawals exceeding the threshold established by the custodian will cause the custodian to prorate the fees that are charged to the client. As of the date of this booklet, the established threshold is $10,000.00 for both additions and withdrawals. Clients are advised to discuss how additions or withdrawals may affect the calculation of the assets under management with their Packerland representative. Additions and withdraws from certain accounts may also Packerland Wrap Fee Brochure 15 create a tax liability which should be discussed with a qualified tax professional. No fee adjustment will be made for appreciation or depreciation in the value of any account during the fee calculation period. No refund or other adjustment of a fee already paid will be made as a result of a decline in value of the account (whether due to market losses or withdrawals). Adjustments to the fees are made by the custodian in the event that deposits or withdrawals exceed the established threshold set forth above for those accounts where the fees are collected in advance. In the event the investment advisory agreement is terminated within five days after its initial execution, all advisory fees will be refunded pursuant to the terms in the investment advisory agreement. In order to seek best execution and minimize market impact, trades can be “stepped-out” in order to gain best execution and minimize market impact. In some instances, stepped- out trades are executed by the other firms without any additional commission or markup or markdown, but in other instances, the executing firm imposes a commission or a markup on the trade. If a client’s investment sub manager steps-out trade orders for the client’s account with a broker-dealer other than Packerland’s executing broker, and the other broker-dealer imposes a commission or equivalent fee on the trade (including a commission embedded in the price of the investment), the client will incur trading costs in addition to the Advisory Fee. See Item 12, Brokerage Services, below. The client should note that by signing an investment advisory agreement, they have directed the custodian to pay the advisory fee as instructed by Packerland or any other third-party money manager on a scheduled basis without any additional prior notice. All account assets, transactions, and advisory fees will be shown on the monthly or quarterly statements provided by the custodian.