A. Description of Your Advisory Firm Voyager Capital Management, LLC (“Voyager”, and/or “the firm”), is a Wisconsin Limited Liability Company doing business as Voyager Wealth Management, LLC. and is registered as an investment adviser with the United States Securities and Exchange Commission since SEC. Robert Anderson is the firm’s 100% interest holder, Managing Director, and Chief Compliance Officer. Voyager has been offering investment advisory services since March of 2004. Voyager is headquartered in Lake Geneva, WI with an additional office in Brookfield, WI. As of December 31, 20232, Voyager has discretionary assets under management of approximately $196 million and non-discretionary assets under management of $6 million. The firm is not engaged in any other business. B. Description of Advisory Services Offered Voyager provides personalized confidential investment management and financial planning to individuals and high-net-worth individuals, pension and profit-sharing plans, trusts, estates, and charitable organizations. Advice is provided through consultation with the client and may include determination of financial objectives, identification of financial problems, cash flow management, tax planning, insurance review, investment management, education funding, retirement planning, and estate planning. B.1. Discretionary Investment Management Services For its discretionary asset management services, Voyager receives a limited power of attorney to effect securities transactions on behalf of its clients that include securities and strategies described in Item 8 of this brochure. The investment management services provided by Voyager begin with a review and analysis of all relevant information to enable the firm to prepare a determination of the client’s investment objectives and, as explained below, other aspects of the client’s financial circumstances. VOYAGER seeks to minimize investment risk through asset class diversification and selection of the appropriate investment vehicles for each asset class. Normally, the firm utilizes a buy-and- hold philosophy; a variety of investments may also be utilized. Voyager provides services using the following process:  Stage One: Gathering data and determining goals and objectives. Voyager collects quantitative and qualitative information from each new client; determines the client’s personal and financial goals, needs and priorities; assesses the client’s values, attitudes, return expectations and risk tolerance level; determines the client’s time horizons, unique circumstances, legal restrictions and tax situation; and obtains appropriate client records and documents. The firm normally utilizes interview(s) and/or client questionnaire(s) to gather the initial background information to determine the client’s financial status.  Stage Two: Determining the client’s financial status by analyzing and evaluating. This step includes evaluating the data collected from the gathering process, including the client’s financial status, special needs (e.g., divorce/remarriage, charitable planning, education), risk management (e.g., life insurance), investments (e.g., current investments, strategies, and policies), taxation (e.g., current returns, strategies, compliance), retirement (e.g., current plan, tax exposure, social security), employee benefits, and estate planning (e.g., documents, strategies, tax exposures). Voyager utilizes planning software and professional analysis.  Stage Three: Developing and presenting the investment plan. The plan addresses the client’s financial position (current and projected), projections, and recommendations for all of the following: cash flow, estate tax, capital needs at retirement, capital needs projection at death, capital needs – disability, capital needs for special needs, income tax, employee benefits, asset allocation, investments, risk, and priority list. Voyager will assist clients to determine their investment objectives based on the information collected in Stage One. These objectives are documented using Voyager’s financial planning survey that collects the client data and Voyager’s investment questionnaire that helps determine the clients risk tolerance. A draft plan is prepared for the client and the investment objective is documented with an Asset Allocation Summary. These documents describe the client’s risk tolerance, long-term rate of return objective, investment time horizons, income and liquidity needs, tax considerations, and recommended asset allocation/asset class guidelines.  Stage Four: Implementing the plan. At this stage, Voyager assists the client with the implementation of the plan by coordinating the necessary custodial and/or brokerage relationships.  Stage Five: Monitoring the financial plan and investments. At this stage, Voyager monitors the client’s financial plan by reviewing the progress of the plan with the client, discussing and evaluating changes in the client’s circumstances, reviewing and discussing any tax law changes, and making required recommendations. In addition to providing Voyager with information regarding their personal financial circumstances, investment objectives and tolerance for risk, clients are required to provide the firm with any reasonable investment restrictions that should be imposed on the management of their portfolio, and to promptly notify the firm of any changes in such restrictions or in the client's personal financial circumstances, investment objectives, goals and tolerance for risk. On a quarterly basis, Voyager’s reports to clients will remind clients of their obligation to inform the firm of any such changes or any restrictions that should be imposed on the management of the client’s account. Voyager will also contact clients at least annually to determine whether there have been any changes in

a client's personal financial circumstances, investment objectives and tolerance for risk. B.2. Financial Planning Services Voyager also provides financial planning services. Financial planning services follow the same financial planning process as the Investment Management Service except that no portfolio management services are provided. A financial plan is designed to help the client with all aspects of financial planning without ongoing investment management after the financial plan is completed. Financial planning clients may receive a written financial plan in the scope determined in advance by the firm and the client. The financial plan may include, but is not limited to, the following:  Net worth statement  Cash flow statement  Review of investment accounts, including reviewing asset allocation and providing repositioning recommendations  Strategic tax planning  Review of retirement accounts and plans including recommendations  Review of insurance policies and recommendations for changes, if necessary  One or more retirement scenarios  Estate planning review and recommendations  Education planning with funding recommendations Detailed investment advice and specific recommendations are provided as part of a financial plan. Implementation of the recommendations is at the discretion of the client. Voyager gathers required information through in-depth personal interviews and questionnaires. Information gathered includes a client's current financial status, investment objectives, future goals, and attitudes toward risk. Related documents supplied by the client are carefully reviewed, and a report is prepared covering one or more of the above-mentioned topics as directed by the client. B.3. Retirement Plan Services Voyager provides retirement plan services to sponsors of retirement plans which qualify under 401(a) or 457(b) of the Internal Revenue Code of 1986, as amended, and/or is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or is a Plan which is considered nonqualified. Retirement plan services include the following types of services:
• Provide non-discretionary investment advice to the Client about asset classes and investment alternatives available for the Plan in accordance with the Plan’s investment policies and objectives. Client shall have the final decision-making authority regarding the initial selection, retention, removal and addition of investment options.
• Assist the Client with the selection of a broad range of investment options consistent with ERISA section 404(c) and the regulations thereunder.
• Develop and oversee model portfolios as investment options for the participants.
• Assist the Client in the development of an investment policy statement (IPS). The IPS establishes the investment policies and objectives for the Plan. Client shall have the ultimate responsibility and authority to establish such policies and objectives and to adopt and amend the investment policy statement.
• Assist in monitoring investment options by preparing periodic investment reports that document investment performance, consistency of fund management and conformance to the guidelines set forth in the IPS and make recommendations to maintain or remove and replace investment options.
• Meet with Client on a periodic basis to discuss the reports and the investment recommendations.
• Provide non-discretionary investment advice to the Plan Sponsor with respect to the selection of a qualified default investment alternative (“QDIA”) for participants who otherwise fail to make an investment election. Client acknowledges that it is responsible for determining whether the Plan should have a QDIA and deciding upon the type of investment that will serve as a QDIA (e.g., target date fund, balanced fund or managed account). Once Client has made that determination, Adviser will assist the Plan Sponsor in selecting the investment to serve as the QDIA. The Client retains the sole responsibility to provide all notices to participants required under ERISA section 404(c)(5). B.4. Advisory Program Support Services Voyager also offers advisory program support services to investment advisers, broker-dealers, and other financial institutions (collectively “the institution”) that wish to receive such services in connection with the investment management services they provide to their clients. VOYAGER’s support services include consulting with the institution to assist it in structuring various mutual fund investment models, with each model varying in market risk. VOYAGER then provides various “administrative” services for the institution, including coordinating the opening of new accounts, initially allocating account investments, rebalancing account investments, altering investment models to conform with client requests, account reporting, and billing. While providing these services, VOYAGER has no contractual or other responsibility to make or supervise any investment for clients of the institution. That responsibility is left solely to the institution servicing clients’ accounts. C. Client-Tailored Services and Client-Imposed Restrictions Each client’s account will be managed on the basis of the client’s financial situation and investment objectives and in accordance with any reasonable restrictions imposed by the client on the management of the account—for example, restricting the type or amount of security to be purchased in the portfolio. D. Wrap Fee Programs Voyager does not participate in wrap fee programs. (Wrap fee programs offer services for one all-inclusive fee.) E. Client Assets Under Management As of December 31, 2023, Voyager had approximately $196,139,962 of discretionary assets under management and $6,191,782 of non-discretionary assets under management.