FORM ADV (PART 2A 2B) - BISON INVESTMENT ADVISORS, LLC

Part 2 A & B of Form ADV Firm Disclosure Brochure October 9, 2026 Item 1 – Cover page Bison Investment Advisors, LLC 10055 Grogans Mill Road, Suite 120 The Woodlands, TX 77380 (281) 665-3616 www.bisoninvestmentadvisors.com The "brochure rule" generally requires registered investment advisers to deliver to each client or prospective client a Form ADV Part 2A (brochure) and Part 2B (brochure supplement) describing the adviser's business practices, conflicts of interest and background of the investment adviser and its advisory personnel. chief compliance officer, at (281) 665-3616 This brochure provides information about the qualifications and business practices of Bison Investment Advisors, LLC, a Texas registered investment adviser. An investment adviser’s registration does not imply any level of skill or expertise. Questions concerning Bison Investment Advisors, LLC or the contents of this brochure should be addressed to Tara Roman, Bison Investment Advisors, LLC’s or tara@bisoninvestmentadvisors.com. Information about Bison Investment Advisors, LLCs also available on the Investment Advisor Public Disclosure website at www.adviserinfo.sec.gov. Select “Investment Advisor Search” and “Firm” and type the name “Bison Investment Advisors, LLC” to initiate the search.  Item 2 – Material Changes The material changes in this brochure from the last annual updating amendment of Bison Investment Advisors, LLC on March 4, 2026, are described below. Material changes relate to Bison Investment Advisors, LLC’s policies, practices or conflicts of interest. • Bison Investment Advisors, LLC has updated its custodians. (Item 12) • Bison Investment Advisors, LLC has added William Rainer Dowd Schurig as an investment adviser representative. (Part 2B Brochure Supplement) 2 October 2026 Bison Investment Advisors, LLC  Item 3 – Table of Contents Item 1 – Cover page ..................................................................................................................................................... 1 Item 2 – Material Changes ......................................................................................................................................... 2 Item 3 – Table of Contents ......................................................................................................................................... 3 Item 4 – Advisory Business ........................................................................................................................................ 4 Item 5 – Fees and compensation ................................................................................................................................ 6 Item 6 – Performance-Based Fees and Side-By-Side Management ........................................................................... 8 Item 7 – Types of clients ............................................................................................................................................. 8 Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss .................................................................... 8 Item 9 – Disciplinary Information ............................................................................................................................ 10 Item 10 – Other Financial Industry Activities and Affiliations ............................................................................... 10 Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ..................... 11 Item 12 – Brokerage Practices ................................................................................................................................. 12 Item 13 – Review of Accounts ................................................................................................................................... 12 Item 14 – Client Referrals and Other Compensation .............................................................................................. 13 Item 15 – Custody..................................................................................................................................................... 14 Item 16 – Investment Discretion .............................................................................................................................. 14 Item 17 – Voting Client Securities ........................................................................................................................... 14 Item 18 – Financial Information .............................................................................................................................. 14 Item 2 – Educational Background and Business Experience .................................................................................. 15 Item 3 – Disciplinary Information ........................................................................................................................... 17 Item 4 – Other Business Activities .......................................................................................................................... 17 Item 5 – Additional Compensation .......................................................................................................................... 18 Item 6 – Supervision ................................................................................................................................................ 18 3 October 2026 Bison Investment Advisors, LLC  Item 4 – Advisory Business Bison Investment Advisors, LLC is a privately owned investment adviser firm headquartered in The Woodlands, Texas. Mark Tidwell is the President, Chief Investment Officer (“CIO”), and owner of the firm. Bison Investment Advisors, LLC has been providing investment advisory services as a registered investment adviser since April 2009 (CRD # 149775). Bison Investment Advisors, LLC may offer investment advice to individuals (including high net worth individuals), trusts, estates, charitable organizations, pensions and profit-sharing plans, business organizations and investment partnership(s) on a discretionary and fee basis. Individual Accounts Bison Investment Advisors, LLC provides customized investment management services, which may include investment allocations to cash, fixed income, equity and alternative investments. Bison Investment Advisors, LLC will tailor your account to your specific needs based on your individual goals, risk tolerance, time horizon and investment objectives. Investments are held in separate accounts at a qualified custodian directed by Bison Investment Advisors, LLC and/or the client. Unaffiliated Advisors and Alternative Investments Bison Investment Advisors, LLC maintains agreements with unaffiliated advisors and other firms offering alternative investments, which may be selected to manage client assets. Bison Investment Advisors, LLC may recommend the use of unaffiliated advisors to manage all or a portion of the client’s portfolio on a discretionary basis. When alternative investments with unaffiliated advisors are chosen, the client will enter into an advisory agreement with the unaffiliated advisor authorizing the unaffiliated advisor to invest the client’s assets. Any fees charged by the unaffiliated advisor are in addition to fees charged by Bison Investment Advisors, LLC Investment Partnership(s) Bison Investment Advisors, LLC is the General Partner of Grand Parkway Capital Fund I, LP, a Delaware limited partnership, organized on July 7, 2008, to operate as a private investment partnership. The investment objective is to create a diversified portfolio of traditional and non- traditional investments in a variety of investment classes and products. The partnership had a net asset value of $7,803,044 as of December 31, 2025. Clients of Bison Investment Advisors, LLC may have investments that are in separately managed accounts and may also be investors in the investment partnership managed by Bison Investment Advisors, LLC Financial Planning Bison Investment Advisors, LLC may provide one or more of the following financial reports on a complimentary basis utilizing data provided by the client along with other currently known variables: financial goal analysis, cash flow analysis, portfolio analysis, asset protection analysis, retirement planning, tax planning, net worth and asset inventory reports, estate planning review, asset allocation strategy and risk exposure analysis. 4 October 2026 Bison Investment Advisors, LLC  As of December 31, 2025, Bison Investment Advisors, LLC had approximately $157,535,698 in assets under management, on a discretionary basis, as computed in accordance with the requirements of Part 1A, Item 5.F, for computing assets under management. Qualified Retirement Plan Consulting Bison Investment Advisors, LLC assists employers in designing, establishing and/or maintaining qualified retirement plans. These services may include, but is not limited to: • • • • • identifying investment objectives and restrictions providing guidance on various assets classes and investment options recommending money managers to manage plan assets in ways designed to achieve objectives monitoring performance of money managers and investment options and making recommendations for changes recommending other service providers, such as custodians, administrators, and broker- dealers creating a written pension consulting plan • These services are based on the goals, objectives, demographics, time horizon, and/or risk tolerance of the plan and its participants. Held Away Account Services Bison Investment Advisors, LLC uses a third-party platform to facilitate management of held away assets such as defined contribution plan participant accounts, with limited discretion. The platform allows Bison Investment Advisors, LLC to avoid being considered to have custody of Client funds since it does not have direct access to Client log-in credentials to effect trades. Bison Investment Advisors, LLC is not affiliated with the platform in any way and receives no compensation from them for using their platform. A link will be provided to the Client allowing them to connect an account(s) to the platform. Once Client account(s) is connected to the platform, Adviser will review the current account allocations. When deemed necessary, Adviser will rebalance the account considering client investment goals and risk tolerance, and any change in allocations and will consider current economic and market trends. Client account(s) will be reviewed at least quarterly, and allocation changes will be made as deemed necessary. Standard fees will be charged as listed in Item 5 of this ADV. Business Consulting Bison Investment Advisors, LLC may enter into an engagement to provide business consulting services. These services could include, but may not be limited to, providing advice on raising capital through a Reg D private placement, whether it be equity or debt, assisting with valuation analysis, evaluating strategic options as well as providing input on marketing efforts related to the capital raise. The scope and nature of this engagement will be specific to the engagement and the particulars will be on a case-by-case basis. Written Acknowledgement of Fiduciary Status When Bison Investment Advisors, LLC provides investment advice to a client regarding a retirement plan account or individual retirement account, it is a fiduciary within the meaning of 5 October 2026 Bison Investment Advisors, LLC  Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way Bison Investment Advisors, LLC makes money creates some conflicts with a client’s interests, so it operates under a special rule that requires it to act in the client’s best interest and not put its interest ahead of the client’s. Under this special rule’s provisions, Bison Investment Advisors, LLC must: • meet a professional standard of care when making investment recommendations (give prudent advice); • never put its financial interests ahead of a clients when making recommendations (give loyal advice); • avoid misleading statements about conflicts of interest, fees, and investments; • follow policies and procedures designed to ensure that it gives advice that is in the clients best interest; charge no more than is reasonable for its services; and give the client basic information about conflicts of interest. • • Item 5 – Fees and compensation Standard Fee Schedule Bison Investment Advisors, LLC Advisor Fee Account Value $0 – $500,000 2.00% $500,001 - $1,000,000 1.75% Over $1,000,000 1.50% The Bison Investment Advisors, LLC adviser fee does not include trading fees, custodian fees, or performance reporting, which will be charged separately, directly to the client account, and will vary based upon the selected custodian and reporting firms. Please refer to Item 12 for details regarding brokerage. The Bison Investment Advisors, LLC advisor fee for separately managed accounts will not exceed 2.0% and is negotiable. Bison Investment Advisors, LLC currently uses a third-party reporting service to calculate its quarterly advisor fee. The reporting service uses a tiered but weighted rate. It should be noted that fees may be more than the industry norm, and that similar advisory services may be obtained for less through a different advisor. The minimum investment is $250,000. Bison Investment Advisors, LLC may, in its sole discretion, agree to accept a client’s account with a lesser value. Bison Investment Advisors, LLC adviser fees are charged to the client account in advance, initially upon inception of the account and then quarterly thereafter based upon the market value of the account, including securities, cash, and money market balances, less any margin or other debit balances, on the last day of the preceding quarter. Fees are calculated on a quarterly basis, using a 365-day year and the actual days in the quarter. There may be investments in the portfolios which are not assessed a fee. If there are insufficient funds to cover quarterly management fees, fees will be pulled from a like-titled client account or other account as directed by the client. Example of how fees are calculated are as follows: 6 October 2026 Bison Investment Advisors, LLC  Bison Investment Advisors, LLC agreement with the client may be terminated by either party at any time if a written notice is given 30 days prior to the intended termination date. In the event the agreement is terminated prior to the end of a quarter in which a client has paid a prepaid fee, a prorated refund for the number of days remaining in the quarter after the termination date will be credited to the client’s account. Clients have the right to terminate the agreement, without penalty, within 5 business days after entering into the agreement. If the client terminates our agreement within one year, you will incur a $300.00 early termination fee. Clients may pay other expenses in addition to the fees described above, such as commissions, wire fees, securities transaction fees and/or other fee unrelated to the fee collected by Bison Investment Advisors, LLC. Unaffiliated Advisors – Client’s will pay fees directly to unaffiliated advisors based upon any agreement with unaffiliated advisors. Bison Investment Advisors, LLC may receive a solicitation fee for referring clients to unaffiliated advisors and the fee will vary. All fees will be disclosed to the client through the advisor brochures. Alternative Investments – If a client chooses to invest in one of the alternative investments offered through Bison Investment Advisors, LLC, the client will incur fees charged by the managers of those firms which are disclosed in the offering document the client will receive prior to investing. Investment Partnership – Management fees will vary based on the qualification of the investor and the share class chosen by the investor and is 1.50%. These fees are negotiable and may be in excess of the industry norm. Similar advisory services may be obtained from other advisors for less fees. Fees of the partnership are calculated in accordance with the offering document. Bison Investment Advisors, LLC will assist the client in defining the investment objectives, selecting the investment advisors and alternative investments and will periodically review the investment with the client. Qualified Retirement Plan Consulting Tiered pricing below is based on scope of services and total plan assets. Account Value Bison Investment Advisors, LLC Annual Advisor Fee $0 – $100,000 $1,000 >$100,000 - $250,000 $1,500 >$250,000 - $500,000 $3,500 >$500,000 - $1,000,000 $7,000 >$1,000,000 - $5,000,000 $10,000 >$5,000,000 Custom Pricing 7 October 2026 Bison Investment Advisors, LLC  There is a $1,000 per annum minimum for these services. Clients will be invoiced either quarterly or semiannually (January and July) for the corresponding period. Bison Investment Advisors, LLC receives cash compensation. Business Consulting – Bison Investment Advisors, LLC may charge flat fees or hourly fees for its Business Consulting Services. Bison Investment Advisors, LLC may also receive membership units or shares of stock as compensation. Clients are invoiced based on unique terms of each consulting agreement. Item 6 – Performance-Based Fees and Side-By-Side Management Bison Investment Advisors, LLC will only charge performance-based fees (fees based on a share of capital gains or on capital appreciation of the assets of a client) with qualified clients in the investment partnership, which is described in the partnership’s offering document. Bison Investment Advisors, LLC has not charged these fees to date. Bison Investment Advisors, LLC does not participate in side-by-side management. Item 7 – Types of clients Bison Investment Advisors, LLC offers its products to individuals (including high net worth individuals), trusts, estates, charitable organizations, pensions and profit-sharing plans, business organizations and the investment partnership. The minimum investment for separate accounts is $250,000 and minimum investment in the investment partnership is $250,000. Bison Investment Advisors, LLC may, in its sole discretion, agree to accept a client’s account with a lesser value. Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis Not all methods of analysis are useful with all asset classes or investment vehicles. The overall investment strategy of Bison Investment Advisors, LLC involves the blending of multiple asset classes and multiple sub-sectors of each class. Multiple asset classes are blended in an effort to increase overall diversification and to lower the inherent risks of each of the assets. Bison Investment Advisors, LLC will evaluate the overall economy, industry conditions and company specific information like the financial condition and management of the company. Sources of information may include financial reports, memoranda, articles, newspapers and magazines, research materials prepared by others, annual reports, prospectuses, and public filings. Investment Strategies Investment strategies are tailored to each client based on their goals, objectives, risk tolerance and time horizon. Strategies may include investments in cash, fixed income, equity and alternative (such as metals, real estate, hard assets, long/short and market neutral strategies) asset classes. Clients may change strategies at any time. Risk of Loss All investment programs carry the risk of loss and there is no guarantee that any investment strategy will meet its objective. Bison Investment Advisors, LLC’s investment approach strives 8 October 2026 Bison Investment Advisors, LLC  to minimize risk. Clients may be subject to some or all of the following types of investment risks: Pandemic Risk: A form of risk that affects a wide geographic area and can cause significant economic, financial, social, and political disruption. Pandemics are large-scale outbreaks of infectious disease that can greatly increase morbidity and mortality and can cause individual behavioral changes, such as fear-induced aversion to workplaces, and other gatherings. This risk can affect many decisions that lead to disruption and damage to multiple channels, including short term fiscal shocks and longer-term negative shocks to economic growth. Business Risk. The possibility that a company will have lower than anticipated profits, or that it will experience a loss rather than a profit. Business risk is influenced by numerous factors, including sales volume, per-unit price, input costs, competition, overall economic climate, and government regulations. A company with a higher business risk should choose a capital structure that has a lower debt ratio to ensure that it can meet its financial obligations at all times. Interest rate risk. Interest rate risk affects the value of bonds more directly than stocks, and it is a major risk to all bondholders. As interest rates rise, bond prices fall and vice versa. The rationale is that as interest rates increase, the opportunity cost of holding a bond decreases since investors are able to realize greater yields by switching to other investments that reflect the higher interest rate. For example, a 5% bond is worth more if interest rates decrease since the bondholder receives a fixed rate of return relative to the market, which is offering a lower rate of return as a result of the decrease in rates. Market or Systematic Risk. The risk inherent to the entire market or an entire market segment. Systematic risk, also known as “undiversifiable risk,” “volatility” or “market risk,” affects the overall market, not just a particular stock or industry. This type of risk is both unpredictable and impossible to completely avoid. It cannot be mitigated through diversification, only through hedging or by using the right asset allocation strategy. The risk that a major natural disaster will cause a decline in the market as a whole is an example of market risk. Other sources of market risk include recessions, political turmoil, changes in interest rates and terrorist attacks. Credit Risk. The risk of loss of principal or loss of a financial reward stemming from a borrower's failure to repay a loan or otherwise meet a contractual obligation. Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. Investors are compensated for assuming credit risk by way of interest payments from the borrower or issuer of a debt obligation. Inflationary Risk. The uncertainty over the future real value (after inflation) of an investment. Currency Risk. A form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged. Reinvestment Risk. The risk that future coupons from a bond will not be reinvested at the prevailing interest rate when the bond was initially purchased. Reinvestment risk is more likely when interest rates are declining. Reinvestment risk affects the yield-to-maturity of a bond, which is calculated on the premise that all future coupon payments will be reinvested at the interest rate in effect when the bond was first purchased. Zero coupon bonds are the only fixed-income instruments to have no reinvestment risk, since they have no interim coupon payments. Financial Risk. The possibility that shareholders will lose money when they invest in a company that has debt, if the company's cash flow proves inadequate to meet its financial obligations. When 9 October 2026 Bison Investment Advisors, LLC  a company uses debt financing, its creditors will be repaid before its shareholders if the company becomes insolvent. Financial risk also refers to the possibility of a corporation or government defaulting on its bonds, which would cause those bondholders to lose money. Liquidity Risk. The risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss. Liquidity risk is typically reflected in unusually wide bid-ask spreads or large price movements (especially to the downside). The rule of thumb is that the smaller the size of the security or its issuer, the larger the liquidity risk. Company Risk. The financial uncertainty faced by an investor who holds securities in a specific firm. Company risk can be mitigated through diversification; by purchasing securities in additional companies and uncorrelated assets, investors can limit a portfolio's exposure to the ups and downs of a single company's performance. Company risk is also called “specific risk,” “unsystematic risk” or “diversifiable risk.” All the above investment risk definitions can be found at investopedia.com. Bison Investment Advisors, LLC partnership investors and potential investors: Risk is substantial in the Bison Investment Advisors, LLC investment partnership. For a more detailed list of risks in the Bison Investment Advisors, LLC investment partnership, please refer to the partnership’s offering documents. Investing in securities involves risk of loss that all Clients should be prepared to bear. Item 9 – Disciplinary Information Investment advisors are required to report legal or disciplinary events that are material to a client’s or prospective client’s evaluation of the advisory business or the integrity of the management. In accordance with a routine audit, the Securities Commissioner of the State of Texas alleged that Bison Investment Advisors, LLC inappropriately held a leveraged exchange traded fund in client accounts for longer than a day and that holding the leveraged exchange traded fund in client accounts longer than a day was a violation of §116.10 of the Rules and Regulations of the Texas State Securities Board. The matter is no longer pending, as it was settled in September 2023, wherein Bison Investment Advisors, LLC undertook and agreed to pay $22,994.69 to affected clients and a $20,000 administrative fine to be paid to the Securities Commissioner. Item 10 – Other Financial Industry Activities and Affiliations Bison Investment Advisors, LLC serves as the General Partner for an investment limited partnership, which is a pooled investment fund (Grand Parkway Capital Fund I, LP). Clients of Bison Investment Advisors, LLC may be investors in the Grand Parkway Capital Fund I, LP, which is proprietary and is offered to Bison Investment Advisors, LLC clients only. Investments, in any investment partnership, may pose the following potential conflicts of interest. o compensation may create an incentive to recommend such investments. o the net asset value of such investment funds may create an overconcentration in a single entity, sector or industry, which may negatively affect investment diversification. 10 October 2026 Bison Investment Advisors, LLC  o illiquid securities, which may be purchased by the investment fund to deliver higher returns, may not perform as expected which could negatively impact fund liquidity and the possibility for redemptions. o valuation, which is at the discretion of the general partner, may be inflated, which could lead to higher fees. o please refer to the offering document for the Grand Parkway Capital Fund I, LP for additional information. Bison Investment Advisors, LLC’s President/CIO is a licensed life insurance agent and sells insurance to Bison Investment Advisors, LLC clients and to employees of firms that conduct business with Bison Investment Advisors, LLC. He receives normal and customary compensation from the insurance companies as a result of insurance product sales. Mark Tidwell is President of Access Parkway, LLC, a business consulting service company and a Member of Disruptive Wellness, LLC, a medical equipment leasing company. Bison Investment Advisors, LLC has established investment industry relationships. Some clients of Bison Investment Advisors, LLC are business owners, and Bison Investment Advisors, LLC may elect to purchase goods and services from clients who are business owners. Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Bison Investment Advisors, LLC’s Code of Ethics is based on the principle that Bison Investment Advisors, LLC and each of its employees owes a fiduciary duty to Bison Investment Advisors, LLC’s clients and a duty to comply with federal and state securities laws and all other applicable laws. These duties include the obligation of access persons to conduct their personal securities transactions in a manner that does not interfere with the transactions of any client or otherwise to take unfair advantage of their relationship with clients. In recognition of this duty, Bison Investment Advisors, LLC hereby adopts the following general principles to guide the actions of access persons: • Access persons have the duty at all times to place the interests of clients first. • Access persons have the duty to conduct all personal securities transactions in a manner consistent with the procedures outlined in the Code of Ethics and in such a manner as to avoid any actual or potential conflict or abuse of a position of trust and responsibility. • All personal securities transactions by access persons must be accomplished so as to avoid even the appearance of a conflict of interest with the client. • Employees of Bison Investment Advisors, LLC are clients of Bison Investment Advisors, LLC and may also invest in the Grand Parkway Capital Fund I, LP. These employees will always get either the same price as all other investors or when there is a variance, the client price will be lower than the employee price. A copy of the entire Bison Investment Advisors, LLC’s Code of Ethics is available upon request. 11 October 2026 Bison Investment Advisors, LLC  Please also see discussion in Item 10 above with regard to the Grand Parkway Capital Fund I, LP. Item 12 – Brokerage Practices Custodians/broker-dealers will be recommended based on Bison Investment Advisors, LLC’s duty to seek “best execution,” which is the obligation to seek to execute securities transactions for a client on terms that are the most favorable to the client under the circumstances. The client will not necessarily pay the lowest commission or commission equivalent, and Bison Investment Advisors, LLC may also consider the market expertise and research access provided by the payment of commissions, including, but not limited to, access to written research, oral communication with analysts, admittance to research conferences and other resources provided by the brokers to aid in the research efforts of Bison Investment Advisors, LLC. Bison Investment Advisors, LLC will never charge a premium or commission on transactions, beyond the actual cost imposed by the broker- dealer/custodian. Bison Investment Advisors, LLC recommends Charles Schwab & Co. Inc. Member FINRA/SIPC (“Schwab”). Schwab is an independent and unaffiliated SEC-registered broker-dealer, Inspira Financial, formerly known as Inspira Financial Trust, and Pictet Overseas, Inc. Bison Investment Advisors, LLC does not believe that it has accepted any “soft dollars” on behalf of the clients in the past and does not generally expect to do so in the future. In selecting or recommending broker-dealers, Bison Investment Advisors, LLC does not consider whether the Adviser or its related persons receive client referrals from a broker-dealer or third party. Directed brokerage is a term that characterizes an arrangement where the client directs the investment adviser to direct commission business to a particular broker. Most investment advisers do not allow directed brokerage, because such an arrangement may cost a client more money because the investment adviser may not be able to achieve most favorable execution of that client’s transactions, the client may not be able to participate in aggregated trades, and the investment adviser may not be able to negotiate transaction fees. Under such an arrangement, the investment adviser is relieved of its fiduciary duty to obtain best execution. Bison Investment Advisors, LLC does not typically practice directed brokerage, but will allow a client to direct brokerage upon receipt of written authorization from a client listing the brokers that the investment adviser is permitted to use and acknowledging the disclosures set forth in Item 12 of Form ADV Part 2A. Item 13 – Review of Accounts Bison Investment Advisors, LLC allocates client accounts based on the needs of the client and the accounts are continuously monitored by the Chief Investment Officer. Client accounts are reviewed at least quarterly by Bison Investment Advisors, LLC. These reviews include monitoring of the client’s portfolio investments, adherence to investment guidelines as defined by the client, and a recommendation of the need for any change in the investment objectives or account management. A Bison Investment Advisors, LLC financial adviser representative will meet with clients in person, via Zoom or telephonically. Any or all of these types of meetings will take place throughout the year. Additional account reviews may be triggered by: • A client request or question 12 October 2026 Bison Investment Advisors, LLC  • Changes in client objectives or financial status • Significant deposits or withdrawals of invested funds • Program rebalancing Clients receive, at a minimum, quarterly statements from the custodian, which includes current positions with current market values. Item 14 – Client Referrals and Other Compensation Charles Schwab & Co., Inc. Advisor Services provides Bison Investment Advisors, LLC with access to Charles Schwab & Co., Inc. Advisor Services’ institutional trading and custody services, which are typically not available to Charles Schwab & Co., Inc. Advisor Services retail investors. These services generally are available to independent investment advisers on an unsolicited basis, at no charge to them so long as a total of at least $10 million of the adviser’s clients’ assets are maintained in accounts at Charles Schwab & Co., Inc. Advisor Services. Charles Schwab & Co., Inc. Advisor Services includes brokerage services that are related to the execution of securities transactions, custody, research, including that in the form of advice, analyses and reports, and access to mutual funds and other investments that are otherwise generally available only to institutional investors or would require a significantly higher minimum initial investment. For Bison Investment Advisors, LLC client accounts maintained in its custody, Charles Schwab & Co., Inc. Advisor Services generally does not charge separately for custody services but is compensated by account holders through commissions or other transaction-related or asset-based fees for securities trades that are executed through Charles Schwab & Co., Inc. Advisor Services or that settle into Charles Schwab & Co., Inc. Advisor Services accounts. Charles Schwab & Co., Inc. Advisor Services also makes available to Bison Investment Advisors, LLC other products and services that benefit Bison Investment Advisors, LLC but may not benefit its clients’ accounts. These benefits may include national, regional or Bison Investment Advisors, LLC specific educational events organized and/or sponsored by Charles Schwab & Co., Inc. Advisor Services. Other potential benefits may include occasional business entertainment of personnel of Bison Investment Advisors, LLC by Charles Schwab & Co., Inc. Advisor Services personnel, including meals, invitations to sporting events, including golf tournaments, and other forms of entertainment, some of which may accompany educational opportunities. Other of these products and services assist Bison Investment Advisors, LLC in managing and administering clients’ accounts. These include software and other technology (and related technological training) that provide access to client account data (such as trade confirmations and account statements), facilitate trade execution (and allocation of aggregated trade orders for multiple client accounts, if applicable), provide research, pricing information and other market data, facilitate payment of Bison Investment Advisors, LLC’s fees from its clients’ accounts (if applicable), and assist with back- office training and support functions, recordkeeping and client reporting. Many of these services generally may be used to service all or some substantial number of Bison Investment Advisors, LLC’s accounts. Charles Schwab & Co., Inc. Advisor Services also makes available to Bison Investment Advisors, LLC other services intended to help Bison Investment Advisors, LLC manage and further develop its business enterprise. These services may include professional compliance, legal and business consulting, publications and conferences on practice management, information technology, business succession, regulatory compliance, employee benefits providers, and human capital consultants, insurance, and marketing. In addition, Charles Schwab & Co., Inc. Advisor Services may make available, arrange and/or pay vendors for these types of services rendered to 13 October 2026 Bison Investment Advisors, LLC  Bison Investment Advisors, LLC by independent third parties. Charles Schwab & Co., Inc. Advisor Services may discount or waive fees it would otherwise charge for some of these services or pay all or a part of the fees of a third-party providing these services to Bison Investment Advisors, LLC. Bison Investment Advisors, LLC is independently owned and operated and not affiliated with Charles Schwab & Co., Inc. Advisor Services. Bison Investment Advisors, LLC may offer privately held investments to its clients. The investments fund manager has the discretion to reimburse Bison Investment Advisors, LLC for due diligence and marketing expenses. If such an arrangement takes place, Bison Investment Advisors, LLC will disclose this to their clients. In addition, Bison Investment Advisors, LLC may receive services such as research reports, trading software, and portfolio management tools as part of industry or business relationships with brokers, custodians, clearing firms or other investment advisors. Item 15 – Custody An adviser will be deemed to have custody if it directly or indirectly holds client funds or securities, has any authority to obtain possession of them, or has the ability to appropriate them. Bison Investment Advisors, LLC has custody of client funds because Bison Investment Advisors, LLC has the authority to deduct management fees directly from client accounts. Bison Investment Advisors, LLC also maintains custody of assets in the investment partnerships because Bison Investment Advisors, LLC serves as General Partner of the investment partnerships. Clients will receive, at a minimum, quarterly statements from the custodian, and if clients are in the investment partnerships, they will receive annual audited statements. Clients are urged to carefully review statements for accuracy. Item 16 – Investment Discretion Bison Investment Advisors, LLC maintains client accounts with discretionary authority, which means that Bison Investment Advisors, LLC has the authority to buy and sell securities in client accounts. Bison Investment Advisors, LLC will choose the security, amount, price and time to purchase or sell. The client will sign a Client Agreement authorizing Bison Investment Advisors, LLC to manage client accounts. Any withdrawal of funds from a client account will be conducted in accordance with the terms of the applicable Client Agreement. Investment discretion in the investment partnership is set forth in the Limited Partnership Agreement for the investment partnership. Item 17 – Voting Client Securities It is the general policy of Bison Investment Advisors, LLC to not take any action or render any advice in reference to the voting of proxies for those securities held in client accounts. Proxy voting remains the right of the client. Clients will receive their proxies or other solicitations directly from their custodian. Item 18 – Financial Information Bison Investment Advisors, LLC does not require or solicit prepayment of any fees greater than $1,200, six months or more in advance. Bison Investment Advisors, LLC does not believe it has any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to its clients. Bison Investment Advisors, LLC has not been the subject of a bankruptcy petition at any time during the past ten years. 14 October 2026 Bison Investment Advisors, LLC  Part 2B of Form ADV Brochure Supplement Item 1 – Cover Page Supervised Persons David Turner, Managing Director, Senior Financial Advisor Mark Tidwell, President and Chief Investment Officer Tara Roman, Relationship Manager and Chief Compliance Officer William Schurig, Analyst This brochure supplement provides information about these supervised persons that supplements the Bison Investment Advisors, LLC brochure. You are receiving a copy of that brochure as a part of this supplement. Please contact Tara Roman at tara@bisoninvestmentadvisors.com if you did not receive the Bison Investment Advisors, LLC brochure as a part of this supplement section or if you have any questions about the contents of this supplement. Additional information about these supervised persons is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2 – Educational Background and Business Experience David Turner. Born 1969, 1995 BS University of Houston, Certified Financial Planner™, Business background: From 8/2019 to Present, Director of Financial Planning and Financial Advisor, Bison Investment Advisors, LLC; From 3/2014 to 7/2019, Retirement Plan Consultant, Arthur J. Gallagher & Co., Inc.; From 5/2011 to 2/2014, Financial Advisor, Robert W. Baird and Co., Inc; From 5/2009 to 5/2011, Financial Advisor, Ameriprise Financial Services; From 2/2006 to 5/2009, Financial Advisor, UBS Financial Services. 15 October 2026 Bison Investment Advisors, LLC  CFP® - CERTIFIED FINANCIAL PLANNER™ The CERTIFIED FINANCIAL PLANNER™, CFP® and federally registered CFP (with flame design) marks (collectively, the “CFP® marks”) are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements: • Education – Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning. Mark Tidwell, Born 1968, 1991 BBA Texas A&M University, Certified Financial Planner™, Business background: 2013 to present, Chief Investment Officer, Bison Investment Advisors, LLC; 8/2018 to present, CEO, Access Parkway, LLC; 6/2019 to present, Disruptive Wellness, LLC; 1/2019 to 12/2021, Managing Member, Larkwood Capital Consultants, LLC; 1/2008 to 03/2009, Financial Advisor, USF Securities, LP; 1/2008 to 12/2021, CEO, Zenith Wealth Management; 3/2009 to 1/2013, Financial Adviser, Sunbelt Securities; 12/2007 to 01/2008, Financial Advisor, Puritan Securities CFP® - CERTIFIED FINANCIAL PLANNER™ The CERTIFIED FINANCIAL PLANNER™, CFP® and federally registered CFP (with flame design) marks (collectively, the “CFP® marks”) are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements: • Education – Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning. 16 October 2026 Bison Investment Advisors, LLC  Tara Roman. Born 1977, 1997 Associates Degree from Taylor Business Institute, Business Background: from 08/2019 to Present, Chief Compliance Officer, Bison Investment Advisors, LLC; from 01/2013 to Present, Relationship Manager, Bison Investment Advisors, LLC; From 02/2009 to 01/2013, Operations Associate, Sunbelt Securities, Inc.; From 09/2005 to 02/2009, Operations Associate, USF Securities, L.P. William Rainer Dowd Schurig. Born 1999, 2022 Bachelors Degree Economics, Berry College, Business Background: from 03/2025 to Present, Analyst, Bison Investment Advisors, LLC; From 09/2024 to 03/2025, Unemployed; From 05/2022 to 09/2024, Paralegal, EMA Legal; From 08/2016 to 05/2022, Student, EMA Legal. Item 3 – Disciplinary Information In accordance with a routine audit, the Securities Commissioner of the State of Texas alleged that Bison Investment Advisors, LLC inappropriately held a leveraged exchange traded fund in client accounts for longer than a day and that holding the leveraged exchange traded fund in client accounts longer than a day was a violation of §116.10 of the Rules and Regulations of the Texas State Securities Board. The matter is no longer pending, as it was settled in September 2023, wherein Bison Investment Advisors, LLC undertook and agreed to pay $22,994.69 to affected clients and a $20,000 administrative fine to be paid to the Securities Commissioner. Please refer to Item 14 above with regard to arrangements Bison Investment Advisors, LLC may have with certain issuers of securities. You may always access this type of information by visiting the Financial Industry Regulatory (FINRA) BrokerCheck system, which shows all disciplinary history at Authority’s www.finra.org/brokercheck. Item 4 – Other Business Activities David Turner is a Life Insurance Agent and devotes 2 hours a week during trading business hours, not investment related. Mark Tidwell is a Life Insurance Agent and devotes less than 5 hours a month during and after trading business hours, not investment related. Mark Tidwell owns and operates the following: • Access Parkway, LLC – Description of the business: Business consulting services; Position Title: Member. Start date of the business: 8/2018 to present. Location of the business: 10055 Grogans Mill Rd, Suite 120, The Woodlands, TX 77380. Less than 2 hours per week during and after trading hours; not investment related. Access Parkway, LLC has a non-majority interest in Pure Fuel, LLC; non- investment related. • Disruptive Wellness, LLC; Description of the business: Medical Equipment leasing company: Position Title: Member; Responsibilities Duties: Helps with due diligence on site selection, managing finances and marketing strategy for medical device equipment.; Start date with business: 6/2019 to present; Not investment related; Location of the business: Pearland, TX. Devotes 5 hours or less during and outside trading business hours. • Condotti Capital Management, LLC, 50% owner/manager. Less than 20 hours a month is devoted to Condotti. Non-investment related, real estate self-storage business. 17 October 2026 Bison Investment Advisors, LLC  Passive Investments: • Pryderi Holdings, LLC, 50% owner/manager for these companies. Devotes no time to these businesses. Item 5 – Additional Compensation There is no information to be disclosed for the supervised persons other than noted in this document. Item 6 – Supervision All employees are supervised by Tara Roman, Relationship Manager and Chief Compliance Officer. Mrs. Roman can be reached at 281-665-3616. Supervision will be performed in accordance with the Bison Investment Advisors, LLC Compliance Policies and Procedures Manual which may include: · Review of the policies and procedures · Review of personal securities transactions · Review of client suitability · Evaluation of investment strategies · Review of outside business activities 18 October 2026 Bison Investment Advisors, LLC  BISON INVESTMENT ADVISORS, LLC 10055 Grograns Mill Rd, Suite 120 The Woodlands, TX 77380 281-665-3616 PRIVACY POLICY Investment advisers are required by law to inform their Investment Advisory clients and/or Separately Managed Account clients (the “client”) of their policies regarding the privacy of client information. We are bound by professional standards of confidentiality that are even more stringent than those required by law. Federal law gives the customer the right to limit some but not all sharing of personal information. It also requires us to tell you how we collect, share, and protect your personal information. TYPES OF NONPUBLIC PERSONAL INFORMATION (NPI) WE COLLECT we may continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. PROTECTING THE CONFIDENTIALITY OF CURRENT AND FORMER CLIENTS INFORMATION To protect your personal information from unauthorized access and use, we use security measures that comply with federal law, including computer safeguards and secured files and buildings. We collect nonpublic personal information about you that is either provided to us by you or obtained by us with your authorization. This can include but is not limited to your Social Security Number, Date of Birth, Banking Information, Financial Account Numbers and/or Balances, Sources of Income, and Credit Card Numbers or Information. When you are no longer our customer, we may continue to share your information only as described in this notice. FEDERAL LAW GIVES YOU THE RIGHT TO LIMIT SHARING – OPTING OUT PARTIES TO WHOM WE DISCLOSE INFORMATION All Investment Advisers may need to share personal information to run their everyday business. In the section below, we list the reasons that we may share your personal information: Federal law allows you the right to limit the sharing of your NPI by “opting-out” of the following: sharing for non-affiliates’ everyday business purposes – information about your creditworthiness; or sharing with affiliates or non-affiliates who use your information to market to you. State laws and individual companies may give you additional rights to limit sharing. Please notify us immediately if you choose to opt out of these types of sharing. ➢ For everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus; ➢ For our marketing – to offer our products and services to you; ➢ For joint marketing with other financial companies; ➢ For our affiliates’ everyday business purposes – information about your transactions and experiences and information about your creditworthiness; or ➢ For affiliates and non-affiliates to market to you. DEFINITIONS: Affiliates – companies related by common ownership or control. They can be financial and non-financial companies; Non-affiliates – companies not related by common ownership or control. They can be financial and non-financial companies; Joint marketing – a formal agreement between non- affiliated financial companies that together market financial products or services to you. If you are a new customer, we may begin sharing your information on the day you sign our agreement. When you are no longer our customer, Please call if you have any questions. Your privacy, our professional ethics, and the ability to provide you with quality financial services are important to us. 19 October 2026 Bison Investment Advisors, LLC  THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK 20 October 2026 Bison Investment Advisors, LLC