Ellenbecker Investment Group, Inc. (“EIG”) is a Wisconsin corporation formed in 1996 offering investment advisory services. EIG became an independent Registered Investment Adviser in 2014. EIG makes financial planning and investment management services available to a wide variety of clients, including individuals, entities, pension and profit-sharing plans, trusts, estates and charitable organizations, corporations, and other business entities. EIG is majority owned by Karen Ellenbecker. EIG does not control any other firm. Investment Adviser Representatives (“IARs”) begin each advisory service by carefully examining the client’s investment objectives and financial circumstances. Clients are informed about investment alternatives and investment risks to make them aware that attempting to attain a higher rate of return entails accepting higher levels of risk and the potential for loss. Once this initial evaluation is complete, EIG IARs recommend one or more of the advisory services described below that will be provided in a manner aimed at achieving the client’s investment objectives. While providing its services, EIG can advise clients about a wide variety of securities, including exchange- listed and over-the-counter stocks, warrants, corporate bonds, commercial paper, certificates of deposit, municipal bonds, variable annuities and insurance, mutual funds, U.S. government securities, securities and commodity options, interests in partnerships investing in real estate and oil and gas interests, exchange-traded funds, limited liability companies and other entities. In addition, EIG may select or recommend one or more third-party managers to manage all or a portion of the client’s account. Such third-party managers will have discretion to determine the investments purchased and sold for the portion of the client’s account managed by the third-party manager. EIG IARs strive to provide investment advice that is in the client’s best interest, using their best judgment. EIG and its IARs do not assure any client a profit will occur from EIG’s services or guarantee against a loss. The advisory services of EIG are described in detail below. Financial Planning Services EIG stands ready to perform financial planning services which are designed to combine advice relating to a range of financial subjects selected by the client. In formulating a comprehensive financial plan, regardless of the complexity, EIG IARs will:
• Interview the client, analyze the client’s financial needs, and assist the client in developing realistic goals and objectives based on information provided by the client. The IAR may also clarify planning problems and outline strategies designed to meet the client’s goals. A client typically retains EIG to perform a comprehensive plan covering such topics as investments, taxes, insurance, retirement, and estate planning, among other subjects.
• Prepare an initial written project or comprehensive financial plan in the scope requested by a client based on the information gathered during the client interview and needs evaluation. This plan may include establishing a clear set of objectives, an outline of resources, a written investment policy statement (“IPS”), an asset allocation model, strategy recommendations, retirement, estate, education, or insurance planning and product recommendations. Reports usually include the steps to take for implementing advice provided.
• Help the client implement the plan including, if needed, assistance in purchasing and/or selling securities.
• Review the plan periodically in the scope and frequency agreed upon in advance with the client. Clients decide which investment recommendations to accept and implement. Clients are also free to select any brokerage, insurance, or other product provider to purchase (or sell) the investments, insurance, or other products discussed with EIG. Many clients choose to enter into a Discretionary Management Services Agreement whereby EIG IARs manage the client portfolios on a discretionary basis. All planning is based on information provided by the client. It is the client’s responsibility to be certain EIG has current and accurate information to enable EIG to prepare the initial and ongoing plan(s). Retirement Plan Services EIG can provide the following services to retirement plan accounts: ERISA Section 3(21) Plan Investment Advisory Services: EIG can perform non-discretionary investment advisory services at the retirement plan level as described below. (a) EIG will review the plan's investment objectives and/or Investment Policy Statement ("IPS"), if requested or if applicable. (b) EIG will advise the client of appropriate investment categories for each client’s retirement plan consistent with client’s investment objective(s). (c) EIG will advise clients of appropriate assets/investment instruments which are consistent with the investment categories selected by the client. (d) EIG will monitor performance of the investment choices of each client and provide periodic advice regarding possible changes to the investment selections. (e) Clients shall have ultimate authority for selecting the investments for the client's retirement plan. ERISA Section 3(38) Plan Investment Management Services: EIG can perform discretionary investment management services at the plan level as described below. Note, this service is distinct from the Section 3(21) services described above. (a) EIG will review the plan’s investment objectives and/or IPS, if requested and if applicable; (b) For

a participant-directed individual account plan, the investment objective(s) will set forth the number of general investment options and asset class categories to be offered to plan participants with a goal of providing a menu of investments that will allow for the creation of well-diversified portfolios designed to provide for long-term appreciation and capital preservation through a mix of equity and fixed income exposures. (c) Once the client approves the investment objective(s), EIG will review the investment options available through the plan and will notify the plan’s recordkeeper as to EIG’s instructions to add, remove and/or replace specific “core” investment options to be offered to plan participants that meet the criteria set forth in the investment objective(s). EIG will monitor the core investment options and, on a regular basis, provide reports to client and instructions to the plan’s recordkeeper to remove and/or replace investments that no longer meet the IPS criteria. (d) EIG will retain final decision-making authority with respect to removing and/or replacing investments in the core lineup, and the client will not have any further responsibility to communicate instructions to any third-party, including the plan’s recordkeeper, custodian and/or third-party administrator. (e) EIG will monitor investments in the plan’s accounts with the custodian and shall implement changes to investment selections as EIG deems appropriate. Non-Fiduciary Services: EIG can perform the non-fiduciary services as described below. (a) EIG will meet with the client or representatives of the client, at intervals mutually acceptable to the client and EIG, to discuss investment performance. (b) EIG will provide client with a quarterly report regarding the performance of each investment selected by the client for the client’s plan. (c) EIG will assist client with selection of any plan service providers as requested, but client shall be ultimately responsible for selecting other plan service providers. (d) EIG will contact client at least annually to determine if there have been any changes in client’s financial situation or investment objective(s), and will remind client at least quarterly, in writing, that client should inform EIG if there have been (or are anticipated to be) any such changes. (e) As requested, EIG will conduct informational/educational group meetings with plan participants at initial installation of the plan, and periodically thereafter in the scope and frequency mutually agreed upon between client and EIG regarding: (i) general investment concepts; (ii) investment objectives and performance of selected investments; and (iii) investment allocations and strategies available to meet various investment objectives. EIG's assistance in participant investment education shall be consistent with and within the scope of the definition of investment education found in Department of Labor Interpretive Bulletin 96-1. Discretionary Investment Management Services EIG offers clients portfolio management and reporting services by means of its Discretionary Investment Management Services program. Through the program, clients receive investment analysis, allocation recommendations, monthly or quarterly statements reflecting holdings and transactions, and ongoing account monitoring services for a portfolio. EIG will exercise discretionary trading authority while providing services. This means that EIG IARs will have authority to purchase and sell securities of their choice in the amounts and at the times they believe it is suitable for a client’s account to do so. EIG may also recommend the use of a third-party manager to manage all, or a portion of the assets. Such third- party managers will also have limited discretionary trading authority only over the accounts they are selected to manage. The initial asset allocation recommendations are based on the financial information gathered from each client including net worth, risk tolerance, financial goals and objectives, investment restrictions and overall financial conditions. Based on this information, the client is provided with investment recommendations designed to provide an appropriate asset mix consistent with the client’s objectives. The client’s portfolio and its performance are monitored by the client’s IAR considering the client’s stated goals and objectives. The frequency of these reviews is determined by the IAR. EIG IARs meet with the client on an as-needed basis to discuss the portfolio and other aspects of the service. EIG does not hold client investments. Instead, all investments managed by EIG are held at the custodian through which transactions are placed. Clients should be aware that fees may be assessed for transactions and other services by the account’s custodian in addition to advisory fees charged by EIG. EIG does not assure or guarantee the results of its Discretionary Investment Management Services; thus, losses can occur from following EIG’s advice pertaining to any investment or investment approach, including using conservative investment strategies. As of December 31, 2023, EIG had assets of $1,490,843,696 under discretionary management and $492,850 under non-discretionary management. Educational Seminars and Workshops EIG offers several educational seminars and workshops focusing on various investment and related topics. These seminars are offered to clients and prospective clients, in some cases a fee for attendance is charged. The fee varies on the topic of the seminar or workshop being presented.