Carbahal Olsen Financial Services Group LLC (“COFS”), a SEC registered investment adviser, in Davis, California, offers advisory services in the form of financial planning and asset management. The firm was founded in 1999 and became a registered investment adviser in January of 2010. COFS’ principal owners are Kurt D. Schrader, Manuel A. Carbahal, and John M. Carbahal. Kurt Schrader is our Chief Investment Officer and Chief Compliance Officer. We currently provide investment advisory services to clients in twelve states, including California. We are notice filed in California as we have a place of business in that state. We are not required to notice file in most of the other states as we have fewer than five clients (de minimis exemption) in those states. The exception is New Hampshire, which requires notice filing prior to accepting the first client. Therefore, since we have clients in New Hampshire, we also notice file in New Hampshire. In this Brochure, we describe our advisory business as well as all material conflicts of interest regarding the firm, its employees and representatives, which could reasonably be expected to impair the rendering of unbiased and objective advice to you. Types of Advisory Services Offered Financial Planning and Consultations We provide comprehensive financial planning services or limited consulting services to individuals who hire us and sign our Financial Planning Agreement. The same services are offered at no cost to any client who has retained COFS under an Asset Management Agreement. Financial planning is a complex process which includes scheduled consultations to discuss your financial and estate needs and objectives. We review and analyze the information you provide, summarize your financial situation, and then make specific written recommendations that address your particular concerns and objectives. Our advice is based on the personal financial information we obtain from you, assumptions you select and other planning assumptions determined by us. Primarily, we develop written, comprehensive and segmented financial plans regarding the following topics:
• Personal: family records, budgeting, personal liability, estate information and financial goals,
• Tax and cash flow: income tax and spending analysis and planning for past, current and future years,
• Death and disability: cash needs at death, income needs of surviving dependents, estate planning and disability income analysis,
• Retirement: analysis of current strategies and investment plans to help achieve retirement goals, and
• Investments: analysis of investment alternatives and their effect on your portfolio. You may contract with us for limited consulting services. Typically, our consulting services will not result in a comprehensive financial plan such as with our financial planning services. Rather, we may provide you with a verbal or written summary that addresses your topic of interest. Because the financial plan or summary will be based on the information provided by you, the completeness and accuracy of the information we obtain is essential. We will ask you to provide copies of any financial documents that we may reasonably request as necessary to evaluate your financial circumstances and provide a financial plan. Financial planning may involve consulting with other professionals, including your attorney, accountant and other specialized investment professionals. We will restrict the range of our services to our level of expertise or regulatory limitations. We request that you notify us if there are any changes in the information you provided to us or if any of your circumstances have changed that may affect the financial plan we develop. It is your sole responsibility for determining whether to implement our recommendations. If you have provided us with the information and documentation necessary to formulate a plan, you will receive a completed plan from us within 30 days of signing the financial planning agreement. We will prepare recommendations reasonably expected to meet your specific goals, needs and priorities. However, we give no assurance that the recommendations presented will fulfill your goals. If you are not satisfied with the written financial plan as presented, we will attempt to revise the plan to your satisfaction. The number of times we revise a plan will be at our discretion. If you remain unsatisfied with the written plan as presented, we will not refund the fee charged for the plan, but you will be able to keep the final plan. All of our financial planning services terminate upon presentation of the plan or completion of the consultation unless you have contracted for retainer services. Retainer clients receive twelve months of financial planning or consulting services. The retainer contract is renewed automatically each year on the anniversary date of the signing of the original agreement, unless terminated sooner by you or us. We require a new agreement if the services or the fees change. Both parties can terminate the financial planning services agreement by providing written or oral notice to the other and the termination will be effective immediately. If services are terminated within five business days of signing the client agreement, the services will be terminated without penalty. After the initial five business days you will be assessed a prorated charge based on the time and effort expended by us prior to receipt of notice of termination. COFS will send a billing statement summarizing the amount due. A conflict exists between the interests of COFS and your interests. If you choose to implement our recommendation for asset management services through a separate contract with us, we will receive fees related to services as your investment manager. In addition, if an IAR of COFS is separately

licensed as an insurance agent, the IAR can receive separate, yet customary, commission compensation when implementing insurance product transactions on your behalf. You are not under any obligation to engage COFS or our IARs when considering implementing our recommendations. The implementation of any or all of our recommendations is solely at your discretion. Asset Management Services The asset management services described below are provided pursuant to a written agreement that details the terms of the service and is signed by you and COFS. We provide discretionary asset management services utilizing securities such as mutual funds, exchange traded funds (“ETFs”), primarily, and individual stocks and bonds, where appropriate, in our Standard Program. In our Annuity Program, we use variable annuity sub-accounts. Before recommending an investment strategy for you, we will gather information about your current investments, financial situation, goals and risk tolerance. We may collect this information through questionnaires, copies of tax returns, insurance policies, wills, trusts and other documents you make available, and/or through one-on-one meetings. We review the provided information and make investment and model allocation recommendations which are designed to meet your specific needs and objectives. You may impose reasonable restrictions on the management of your account, including the ability to instruct us not to purchase certain securities. We may, or you may direct us to, deviate from the originally suggested investments and allocation model due to changes in your individual situation, personal investment guidelines, rebalancing concerns, changes in the marketplace and other factors that may arise. You will be responsible for notifying us of any updates regarding your financial situation, risk tolerance or investment objectives and whether you wish to impose or modify existing investment restrictions. Securities brokerage transactions are processed by Fidelity Investments through Fidelity Institutional Wealth Services (“FIWS”). 403(b) and 401(a) account transactions are processed through Fidelity Investments Tax-Exempt Services Company (“FITSCo”). Client funds and securities are custodied and maintained through the same companies. Clearing, custody or other brokerage services may also be provided by National Financial Services LLC or Fidelity Brokerage Services LLC, which are Fidelity affiliates. Standard Programs Exchange Traded Fund/Mutual Fund Model Portfolios Client accounts in the ETF/Mutual Fund model portfolios will be invested primarily in a combination of ETFs and actively managed mutual funds from a variety of fund families. ETFs are utilized due to their liquid, low cost, tax-efficient exposure to a wide range of asset classes, primarily based on stock or bond indexes. The mutual funds are chosen by our investment team based on a variety of factors including internal expenses, transactions costs, performance and risk measurements, and manager experience and tenure, among others. Custom Accounts It may be appropriate for certain COFS client accounts to be invested in asset allocations that depart from our typical ETF/Mutual Fund model portfolios. Custom accounts will generally be invested in a standard model, but investments may vary from the model for a variety of reasons including tax considerations, short or intermediate-term cash flow needs, or others as may be agreed on between COFS and the client. Retirement Plan Accounts at FITSCo Model portfolios for accounts at FITSCo are designed for clients employed at certain tax-exempt organizations and in the public sector for which full-service retirement plans offered by Fidelity Investments are available. Portfolios under this program consist entirely of actively managed Fidelity mutual funds. Annuity Program Under our Annuity Program, COFS manages your variable annuity by selecting, monitoring and exchanging, as necessary, between sub-accounts available in the Fidelity Personal Retirement Annuity® (“FPRA”) product issued by Fidelity Investments Life Insurance Company (“FILI”). Your COFS Investment Adviser Representative (“IAR”) is not an appointed insurance agent of Fidelity or the insurance companies that issue Fidelity annuities, nor is COFS affiliated with FILI; rather, the product is sold through FILI and its insurance-licensed representatives. COFS and its IARs will not receive commission income if you decide to purchase this annuity. The amount of discretionary assets we had under management in our Asset Management Services programs as of December 31, 2023 was $ 180,195,299 with $ 174,946,173 in discretionary assets and $ 5,249,126 in non-discretionary assets. Item 8 in this Brochure has additional information about our investment strategies and investment risks. Termination of Asset Management Agreement The Asset Management Agreement between you and COFS will continue to be in effect until terminated by either party by written notice to the other. Once the agreement is terminated, COFS will have no obligation to recommend or take any action with regard to the securities, cash or other investments in your account. You will be responsible to pay advisory fees that have accrued through the date of termination. In certain circumstances, Fidelity may charge additional termination fees if an account in their custody is closed or transferred to another custodian. Newsletters We may prepare newsletters that are general, educational, and informational in nature. These newsletters are offered to current clients with managed accounts and to potential clients. There is no fee for our newsletters.