Capital Analysts LLC

Item 5: Fees and Compensation

This section provides to you a description of our advisory fees, how and when these advisory fees are collected, and
if refunds are available. Other types of fees and expenses that you may incur are described below in the section
titled "Other Costs That You May Incur." Details regarding other compensation received by Capital Analysts, its
affiliates and your Advisor and associated conflicts of interest are described in the section titled "Other
Compensation to Lincoln Investment, Capital Analysts and Our Conflicts of Interest."

For all advisory services offered by Capital Analysts, the specific manner in which advisory fees are calculated and
charged is described in your investment advisory agreement. In your agreement, you also authorize Capital Analysts
to directly debit advisory fees from your account. Advisory fees are in most cases automatically deducted on a
monthly basis in advance from the money market or cash positions or by liquidating assets held within the account.
Capital Analysts can waive or negotiate advisory fees at our sole discretion.

When you engage Capital Analysts, your costs will depend on the Program(s) and custodian selected, your
Advisor’s fee, whether the account will be comprised of mutual funds or ETFs that have their own internal expenses
and whether they have transaction costs, and whether you choose a Wrap or non-Wrap Fee Program.

   I. Capital Analysts Managed Programs

   The portfolios in the CAAMS offerings on Pershing that are managed by the IM&R Team are primarily Wrap
   Fee Programs. A Wrap Fee Program is an investment advisory program in which you pay one bundled fee to
   compensate Capital Analysts and your Advisor for their services and to pay the transaction and clearing costs
   associated with transactions in your advisory account. Capital Analysts’ Wrap Fee Programs are held on
   Pershing’s brokerage platform, and depending on the Wrap Fee Program you select, your managed account may

                                                                                                           July 2026

include, but is not limited to, stocks, bonds, mutual funds options, CDs, and exchange traded funds (“ETFs”). In
lieu of transaction fees, Lincoln Investment, Capital Analysts’ introducing broker-dealer for Pershing accounts,
pays an asset-based fee to Pershing to cover the trade execution and clearing costs for equity securities, ETFs,
fixed income, and options on the Pershing platform. For mutual funds, Lincoln Investment is assessed a
surcharge for transactions in certain mutual funds, but otherwise is not assessed a transaction fee for mutual fund
trades on the Pershing platform. The Wrap Fee for these programs is not based directly upon the actual
transaction or execution costs for your account. Depending on the underlying securities and number of
transactions you expect to trade in your account, a Wrap Fee account may cost you more or less than if you
choose to pay separately for all of your transaction costs (e.g., pay the advisory fee plus all transaction costs). In
general, you should only choose a Wrap Fee Program if you or your Advisor expect to trade regularly in the
account. For further information regarding Capital Analysts’ Wrap Fee Programs, see the Capital Analysts’
Wrap Fee Program Brochure (Form ADV Part 2A Appendix I) attached.

Certain portfolios in the CAAMS offerings that are managed by the IM&R Team are also made available to trust
companies and third-party investment advisers. The fees available for this institutional business are negotiable
and receive institutional pricing. In these situations, the maximum annual Financial Advisor Fee is at the
discretion of the third-party investment adviser. The client is also responsible for any transaction costs and
account fees imposed by the custodian.

                                             CAAMS Fidelity 403(b) Program Fees
                             Maximum Annual Capital
       Investment                                                        Maximum Annual                  Maximum Annual
                            Analysts Program Sponsor &
         Types                                                         Financial Advisor Fee                  Fee
                                 Management Fee

        Mutual funds                         0.30%                                 1.25%                      1.55%
   The client is also responsible for any transaction costs and account fees imposed by the custodian.

II. How You Compensate Your Advisor and Capital Analysts; Advisor Consulting, Client Custom
Portfolios and Advisor Managed Model Portfolios

Your Advisor is compensated for investment advice by an advisory fee that is based on the value of the assets in
your advisory account (“Financial Advisor Fee”). This advisory fee continues for as long as you maintain your
account with your Advisor. This fee provides access to your Advisor for financial and life planning consultation,
as requested by you, which includes assisting you in the determination of the appropriate investment advisory
investments and advisory programs for you, and conversing with you on an as-needed or as requested basis to
ensure that the investments and programs continue to meet your stated objectives and needs. Your Advisor has a
choice of platforms to recommend for the custody of your assets. The advisory fee for advisory services offered
to you can differ by Advisor, whether the Advisor is providing consultation, asset management or advice, what
investments are available on the platform and whether the asset advice to be provided by the Advisor is with or
without discretionary authority. Advisor services, including consultations and advice, are provided for an
unbundled fee where you pay a fee to compensate Capital Analysts and your Advisor for their services, and you
...

Item 7: Types of Clients

Capital Analysts primarily serves individuals, high net worth individuals, trusts, institutions, foundations,
businesses, and charitable organizations as well as the retirement assets of individuals and businesses, individual
retirement accounts (“IRAs”) and employer sponsored ERISA plans. We also offer our institutional investment
advisory services to third-party investment advisers and trust companies. Clients may open qualified and non-
qualified accounts with Capital Analysts. Not all investors and plans, including retirement plans, are eligible to
invest in one or more of Capital Analysts advisory programs. Please consult with your Advisor or your employer to
determine if your assets are eligible to invest.

Capital Analysts imposes a minimum dollar value of assets for its investment advisory accounts as described in the
tables of offerings throughout this brochure. These minimum account requirements may be waived at our sole
discretion.