CAPITAL INVESTMENT SERVICES OF AMERICA INC

Part 2A of Form ADV – Firm Brochure Item 1. Cover Page Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 414-278-7744, 800-345-6462 or info@capinv.com www.capinv.com December 16, 2025 This brochure provides information about the qualifications and business practices of Capital Investment Services of America. Inc. (Capital). If you have any questions about the contents of this brochure, please contact us at 414-278-7744 or info@capinv.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (SEC) or by any state securities authority. Additional information about Capital Investment Services of America, Inc. is also available on the SEC’s website at www.adviserinfo.sec.gov. Registration does not imply a certain level of skill or training. Item 2. Material Changes The following is a summary of material changes made to our brochure since our last update on December 3, 2024. Item 4. Advisory Business We have updated our assets under management to $1,314,238,097 as of 9/30/2025, serving clients in 36 states. This item was also updated to show that Capital is now offering Financial Planning Services to our clients. (This is also addressed in item 5 & item 13). Item 5. Fees and Compensation Fees and Compensation updated to show Capital’s fee schedule for relationships (in lieu of accounts) exclusively in fixed income securities. The following has been added: Financial planning services are offered at no additional cost to investment advisory clients of Capital. Capital does not offer financial planning services as a standalone service. Item 8. Methods of Analysis, Investment Strategies and Risk of Loss We have updated our statement of risk to include further specifics in the areas of management risk, equity risk, fixed income risk, ETF risk, and cybersecurity risk. 1  Item 13. Review of Accounts The following has been added: Capital reviews client financial plans upon request by the client. It is the client’s responsibility to notify Capital if there have been material changes to their personal or financial situation and/or would like Capital to update their financial plan. Item 19. Education and Business Standards of Chartered Financial Analyst (CFA) Charter Moved from Part 2A to Part 2B for applicable employees. Item 20. Education and Business Standards of CERTIFIED FINANCIAL PLANNER™ (CFP®) Moved from Part 2A to Part 2B for applicable employees. 2  Item 3. Table of Contents Item 1. Cover Page .............................................................................................................................................. 1 Item 2. Material Changes .................................................................................................................................... 1 Item 3. Table of Contents .................................................................................................................................... 3 Item 4. Advisory Business .................................................................................................................................... 3 Item 5. Fees and Compensation ..........................................................................................................................5 Item 6. Performance-Based Fees and Side-By-Side Management ..................................................................... 6 Item 7. Types of Clients ...................................................................................................................................... 6 Item 8. Methods of Analysis, Investment Strategies and Risk of Loss ................................................................. 6 Item 9. Disciplinary Information ......................................................................................................................... 8 Item 10. Other Financial Industry Activities and Affiliations ............................................................................... 8 Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ............................ 8 Item 12. Brokerage Practices .............................................................................................................................. 8 Item 13. Review of Accounts ............................................................................................................................... 9 Item 14. Client Referrals and Other Compensation ............................................................................................ 9 Item 15. Custody ............................................................................................................................................... 10 Item 16. Investment Discretion ......................................................................................................................... 10 Item 17. Voting Client Securities ........................................................................................................................ 10 Item 18. Financial Information ........................................................................................................................... 10 Item 4. Advisory Business Capital Investment Services of America, Inc. is a fee-only investment advisory firm headquartered in Milwaukee, Wisconsin. We have provided investment advice to individuals, businesses, and organizations since 1981. A majority of our employees are owners of the firm including Paul A. Muzzey, President and Jeffrey N. Allsop, Chief Investment Officer. We serve hundreds of clients in 36 states. Combined, they have entrusted us with the management of $1,314,238,097 in client assets as of 09/30/25. Investment Advisory Services As investment advisors, our clients grant us discretionary authority to build and manage portfolios custom-tailored to each client’s specific investment objectives. For this advice they pay us a quarterly management fee, discussed in greater detail in Item 5. Since no two clients are exactly the same, no two client portfolios are the same as well. Rather, we manage them on a client-by-client basis. While more labor intensive than other methods, we believe it is a more effective way to meet client expectations. We begin by reviewing a client’s financial situation to learn the important facts that can help us to best meet their goals. These can include itemizing their financial assets, understanding their tax picture, learning their time horizon and income need, and importantly, their risk tolerance. If clients have specific requests, such as retaining a long-term favored stock holding or delaying a tax gain, we strive to accommodate their requests. We discuss the conclusions of this review and decide on a mutually acceptable game plan that includes a client’s asset allocation target and a timetable to put the investment plan to work. We typically use individual stocks, bonds, and/or exchange-traded funds (ETFs)/mutual funds. Clients are assigned a portfolio manager and an advisor. The advisor is responsible for client communication, including face-to-face meetings and for helping determine the client’s overall strategy. The portfolio manager performs the functions of research and day-to-day management of the portfolio. We encourage clients to contact either team member whenever they have questions, comments, or concerns. Occasionally, both functions are performed by the same person. 3  Financial Planning Services Capital offers financial planning services that are tailored to the individual needs of each client. The scope and depth of financial planning services will depend on client circumstances, objectives, and the nature of the engagement. Financial planning services include any or all of the following services, depending on the client’s specific needs: cash flow planning, retirement planning, investment planning, tax planning, and estate, gift, and wealth transfer planning. Financial planning services are available upon client request and are offered at no additional cost to investment advisory clients of Capital. Capital does not typically offer financial planning services as a standalone service. We begin the financial planning engagement by seeking to understand the client’s financial and personal circumstances. We will request information from the client that is required to evaluate the client’s financial circumstances, including financial objectives and goals. We rely on the accuracy and completeness of the information provided by the client, as this is the basis for the financial plan. We analyze the client’s current financial position, goals, and objectives to develop tailored recommendations that support the achievement of their financial goals. We then prepare a written report and present it to the client. Financial plans and recommendations are designed to be reviewed and updated regularly, to adapt to ever-changing financial circumstances and objectives. Capital is not responsible for the implementation of the recommendations. Implementation of the recommendations is solely at the discretion of the client. If a client chooses to implement recommendations contained in the financial plan, Capital suggests that clients consult their attorney and/or CPA/accountant, when appropriate. At the client’s request, Capital will implement recommended changes in their existing and/or in a new Investment Advisory Account(s). Capital has a conflict of interest when providing recommendations involving investment advisory services offered by the firm. Our advisory fees are based on assets under management. We have a financial incentive to make recommendations that would result in more assets under our management. Capital is not responsible for monitoring or updating clients’ financial plans. It is the client’s responsibility to notify Capital if there have been material changes to their personal or financial situation and/or would like Capital to update their financial plan. What we are not To avoid confusion, it is also important for clients to know what we are not: − CPAs or Accountants − Estate Planning Attorneys − A brokerage, bank, or custodian Capital does not provide legal or tax advice, and our services are not intended to replace advice from a legal or tax professional. Capital suggests that clients consult legal and tax professionals, when appropriate. Retirement Plan Assets When we provide investment advice regarding a retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act (ERISA) and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interests ahead of yours. Under this special rule’s provisions, we must: • Meet a professional standard of care when making investment recommendations (give prudent advice). • Never put our financial interests ahead of yours when making recommendations (give loyal advice). • Avoid misleading statements about conflicts of interest, fees, and investments. • Follow policies and procedures designed to ensure that we give advice that is in your best interest. • Charge no more than is reasonable for our services. • Give you basic information about conflicts of interest. 4  Item 5. Fees and Compensation Investment Advisory Services Our advisory fees are based on a percentage of assets under management. When clients have multiple accounts, they are combined to achieve any potential reduced rate. The fee is initially calculated based on the total market value of the assets under supervision on the date preceding the account’s effective date. The fee is calculated and prorated for the first quarter. Thereafter, one-quarter (1/4) of the annualized fee is recalculated quarterly, based on the current market value of the assets, and is payable in advance of the quarter. Annual Fee Rates for Equity Only and Blended Accounts: 1% on first $500,000 of assets .75 of 1% on the amount from $500,001 to $1,000,000 of assets .60 of 1% on the amount from $1,000,000 to $2,000,000 of assets .45 of 1% on the amount over $2,000,000 The following rates apply to relationships invested exclusively in fixed income securities (i.e. bonds, bond funds, bond ETFs, etc.). Annual Fee Rates for Accounts in Fixed Income Only Relationships: .70 of 1% of the first $1,000,000 of assets .45 of 1% on the next $1,000,000 of assets .40 of 1% on the next $1,000,000 of assets .35 of 1% on the next $7,000,000 of assets .25 of 1% on the next $10,000,000 of assets Over $20,000,000 of fixed income assets, please contact Capital Charitable accounts receive a 15% discount from the fee schedules above. In the event a client terminates the Investment Advisory Agreement, any fees paid in advance are refunded to the client on a pro-rated basis. Written notice is required (mail, fax, or email is acceptable). Prospective clients should obtain and review a copy of our Investment Advisory Agreement for more information. Clients can choose to pay their quarterly fees upon receipt of their fee bill, or they will opt to have the fees deducted from their brokerage account upon a one-time authorization by the client, which can be changed at any time. Capital assesses no other fees, commissions, or charges and receives no other compensation from the purchase or sale of securities. We believe this helps avoid potential conflicts of interest. Our management fees are our sole source of income. Since Capital is not a brokerage firm, our clients must select a brokerage, bank, or other custodian to hold their securities. Some of these firms charge either a commission for each transaction or a fee based on a percentage of the value of the clients’ assets held at their firm. These commissions or fees are in addition to the fees charged by Capital and should be taken into consideration as well. There can be a wide variation in costs, and we are happy to discuss them with prospective clients. In addition, as mentioned previously, we typically use exchange-traded funds (ETFs), and occasionally mutual funds, in our client accounts. In those cases, there can be indirect costs incurred that are charged by the fund or ETF sponsor. 5  Financial Planning Services Financial planning services are offered at no additional cost to investment advisory clients of Capital. Capital does not typically offer financial planning services as a standalone service. For any other fees in connection with our advisory services, please refer to Item 12 of this brochure. Item 6. Performance-Based Fees and Side-By-Side Management Capital does not charge any performance-based fees. Item 7. Types of Clients Capital provides investment advice to individuals, trusts, estates, endowments, non-profit organizations, retirement plans, and businesses. The minimum value of a client relationship is $500,000; however, we reserve the right to waive the minimum requirement. In all cases, we function on a discretionary basis and do not review individual transactions with clients in advance. For this reason, we are best suited for clients who are comfortable delegating the day-to-day decision making to a professional advisor. Item 8. Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis and Investment Strategies Rather than defining ourselves by a particular investment style or a specific type of security we favor, we prefer to define ourselves by our clients’ investment objectives. Since most of our clients have already accumulated significant financial wealth, they tend to be sensitive to risk and market volatility. For that reason, we believe it is important to consider both risk and reward potential with each security we select and each portfolio we manage. We, therefore, prefer securities and strategies that are generally considered high quality and produce consistent rather than spectacular results. The qualities we look for will not necessarily look attractive to other analysts or investors, so it is important for us to perform our own research to find those attributes we believe will help achieve our clients’ goals. We employ a team of analysts who also serve as client portfolio managers. They function as a team and acquire in-depth knowledge of the investments they make for our clients. Depending on the client objective, we will develop a portfolio that features all stocks, all bonds, or a blended approach that features a combination of both. A summary of each follow. Equity Portfolio Management We focus on growth companies equipped to prosper in a highly competitive global marketplace. Qualities we look for include exceptional business models, unique franchises, strong managements, solid balance sheets, and, most importantly, a rising stream of earnings. We prefer to focus on earnings growth rather than market-capitalization to find America’s premier companies. We choose to focus our efforts on researching the more predictable earnings growth rates of companies rather than their unpredictable stock prices. We search for companies that offer above-average growth for higher returns, sustainable growth for long-term capital gains, and consistent growth to provide confidence in periods of uncertainty. We take a team approach to review hundreds of candidates for purchase, using dozens of fundamental criteria. Additional scrutiny can include contact with the company, its customers, suppliers, and even its competitors. Although our equity selection process would be better characterized as “bottoms up” rather than “top down”, we understand that certain macro themes offer above average growth opportunities that extend beyond economic cycles. We identify these secular themes and prefer companies that stand to benefit from them. Examples include changing technologies, globalization, demographic trends, and the advancement of health care. Even after a company survives our highly disciplined and selective research process, it must still pass our valuation test. We look at its stock price relative to its growth rate, the overall market, and its historical relative valuation. When its valuation is deemed appropriate, we will add the stock in appropriate weighting for each client portfolio (no two 6  portfolios look exactly the same – special attention is given to a client’s particular circumstances). We continually make changes to each specific client’s investment plan to accommodate changes in each personal situation. Fixed Income Account Management We believe that bonds are more than just income producing securities. We believe that bonds can also reduce risk and help to preserve capital, particularly in times of stock market uncertainty (selecting bonds with risk characteristics different than stocks). When interest rates are rising, long-term bonds can decline in value similar to equities. We, therefore, focus on short to intermediate-term maturities to help minimize risk. In periods of economic uncertainty, low credit quality bonds, including junk bonds, can suffer equity-like declines. In using bonds to minimize risk, we typically invest in high-quality taxable and tax-free bonds including U.S. Treasury and U.S. Government Agency securities, investment grade municipal and corporate bonds, and exchange-traded funds (ETFs). We occasionally will implement a strategy that includes select mutual funds or preferred stocks. We also believe that bond portfolios should be actively managed to take advantage of changing interest rates. We use a computer simulation to calculate the potential total returns for bonds of varying maturities and typically select bonds that offer a low probability of loss if rates rise, while still providing an attractive return should rates fall. We then structure a bond portfolio within these boundaries with a bias towards our view of the most likely course for interest rates based on our fundamental analysis. Blended Account Management Most clients feel the need to have both income and growth to either achieve or maintain a comfortable retirement. For those clients, we combine the strategies mentioned above for both stocks and bonds to help achieve those dual purposes. An initial allocation of stocks and bonds is agreed to in advance with the client and is subsequently reviewed regularly. Portfolio managers then make the individual security selections using the same research process, and they continuously monitor the allocation to stay on target per the client objective. Risk of Loss There is market risk when investing in the stock and bond markets. While we employ strategies to attempt to minimize risk to client portfolios and strive to understand our clients risk tolerance, all clients need to be aware of risks present in the financial markets. Clients should be prepared to experience periodic losses and maintain a long-term investment perspective to help deal with market uncertainties. Management Risk As advisor, we are authorized to buy and sell investments on behalf of our clients, using our judgment and investment expertise. There is no guarantee that our strategies and/or assumptions will produce positive returns. Past performance is not a guarantee of future results. Equity Risk Investments in stocks (equity securities) may experience significant price fluctuations based on company-specific factors, earnings expectations, industry conditions, or market events. Equity securities generally involve higher volatility and greater potential for loss than many other asset classes. Fixed Income Risk Fixed income (bond) securities are subject to interest-rate risk, credit risk, and inflation risk. Bond values typically decline when interest rates rise. Bond issuers may experience financial distress or default on interest or principal payments. ETF Risk Exchange-Traded Funds (ETFs) are subject to the risks of the underlying assets they hold. Market volatility or limited trading activity can also affect an ETF’s price and performance. 7  Cybersecurity Risk We rely on technology, systems, and third-party service providers to store and process data. Cyberattacks, unauthorized access, system failures, or data breaches could disrupt business operations, compromise client information, or impair our ability to provide services. Although we have protective measures in place, no system is completely secure. Item 9. Disciplinary Information Capital has no disciplinary action to report. Item 10. Other Financial Industry Activities and Affiliations Capital has no other industry activities or affiliations. Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading At Capital, we believe employees have a fiduciary duty to our clients and an obligation to uphold our fundamental duty with honesty, integrity, and professionalism. Employees must place the interest of our clients first at all times and comply with applicable securities laws and ethics codes established by professional certifying bodies applicable to each individual employee. Employees must not take inappropriate advantage of their positions, conduct all personal securities transactions in a proper manner, and hold all clients information in confidence. Capital has adopted a Code of Ethics that we require all employees to adhere to, and it is available for clients to review. It establishes a position of Chief Compliance Officer. This individual is responsible for the implementation of all compliance policies and procedures. It deals with issues such as compliance with industry regulations, employee trading, our Privacy Policy, and the avoidance of conflicts of interest with our clients. This document is available upon request. Capital employees will own, either directly through their personal accounts, or indirectly through our company’s retirement accounts, the same securities we purchase for our clients. While we believe it is beneficial to own the same stocks and bonds we purchase for our clients, it can cause a potential conflict of interest. We have policies and procedures in place to ensure that our clients’ interests come first. Employees are not allowed to obtain a better price for those securities than our clients received in the market that day. Similarly, employees are prohibited from purchasing or selling shares ahead of a firm-wide decision to buy or sell the same security. Employees with knowledge of pending actions by the firm are not allowed to trade “ahead of” our clients. All employee-related transactions are approved in advance, and a record of approval is kept by the designated Principal. All employees must also have duplicate copies of all brokerage statements and confirmations sent to the designated Principal to ensure compliance with these rules. We do not participate in client transactions. Item 12. Brokerage Practices Capital clients must choose a broker to hold their securities and to facilitate the purchases and sales of securities for their accounts. Many clients have an established relationship with a brokerage firm and wish to retain it. In almost all cases, we are happy to accommodate their wishes. If a client asks us to assist in the selection of a broker for them to work with, we attempt to understand the specific client needs before making a recommendation. They want a firm with a physical office nearby as they need other investment services that Capital does not provide, or they simply want the lowest cost provider of brokerage services. We will also discuss the differences in commission costs between brokerages and the availability of any fee-based alternatives. 8  Once we understand the client’s situation, at certain times we recommend one or more brokerage options. We currently have relationships with 13 brokerage firms, which can vary slightly at times. Ultimately the decision is made by the client based on their preferences. Capital does not engage in any “soft dollar” arrangements where we place trades with a firm to reduce Capital’s corporate operating costs. We understand that we must act in the client’s best interest to obtain the best execution price generally available. Occasionally, in the course of business, we believe it is in the best interest of our clients to aggregate or “bunch” orders for multiple clients at the same brokerage, or even multiple clients of various brokerages. This trade is then done at a different brokerage than that of the client. Reasons for this is to minimize the impact of multiple transactions on a stock’s price or to procure a large block of specific bonds at the best available price. In those cases, we use the average price of the securities bought or sold and allocate them accordingly for each client account. There also are times when those trades are placed at a brokerage that shares some of their research with us. While there is no obligation to place trades with these brokers, the research they provide at times also provides benefits for Capital clients. In reference to a trading error, policies and procedures are in place; Capital assures the client is made whole. Item 13. Review of Accounts Every client has their account overseen by a portfolio manager. The manager’s responsibility is to follow the firm’s guidelines in the purchase and sale of securities and to conform to the client’s previously stated investment objectives. This process is ongoing and includes continuous monitoring of the securities in each client account. Various reports are produced daily, weekly, and quarterly to assist in the management process. As an added step, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. Capital reviews client financial plans upon request by the client. It is the client’s responsibility to notify Capital if there have been material changes to their personal or financial situation and/or would like Capital to update their financial plan. Your custodian/broker is required to send traditional brokerage confirmations and statements. They can usually be received by mail or electronically. In addition, Capital provides each client with detailed reports of their holdings on a quarterly basis. These reports include the client’s asset allocation, weightings of specific sectors, estimates of annual income, and other data. As a reminder, any reports received from Capital should be used in conjunction with and verified against the corresponding account statement from your custodian/broker. Most often Capital’s reports are sent via mail, but some clients choose to receive them electronically. Most clients also appreciate a face-to-face meeting to review their accounts and any changes to their financial picture. These meetings are often initiated by Principals at Capital but are always welcome at the client’s request. Item 14. Client Referrals and Other Compensation Capital has no promoter agreement arrangements in place as Capital does not provide compensation to non-employees for client referrals. Capital no longer participates in referral programs at Charles Schwab. Capital continues to pay participation fees to Schwab for accounts previously referred through an applicable program. The fee does not affect the amount of fee the client pays Capital or the commissions paid to Schwab. 9  Item 15. Custody As mentioned previously, Capital is not a bank or brokerage and does not hold or maintain custody of client accounts. We cannot handle cash or securities for our clients except to pay our management fees. The client is protected by a Limited Power of Attorney that grants Capital the limited ability to buy and sell securities for the client’s behalf. This separation of services allows the client to compare the records and statements of each firm independently. Also, as previously mentioned in Item 13 of this brochure, any reports received from Capital should be used in conjunction with and verified against the corresponding account statement from your custodian/broker. Item 16. Investment Discretion Capital manages our client accounts on a discretionary basis. This means we make day-to-day decisions on behalf of our clients without seeking their approval for each individual trade. This authority is granted to us by clients in writing through a Limited Power of Attorney which is a part of our Investment Advisory Agreement. The Power is limited and does not allow Capital to handle or receive any cash from client accounts other than for purposes of paying the quarterly fee. The Agreement can be revoked by the client at any time with 30 days written notice. Prospective clients should read this Agreement and understand the terms prior to hiring Capital. Item 17. Voting Client Securities Capital exercises its authority to vote on proxy and other shareholder matters in a manner consistent with the best interests of our clients. The ultimate vote on any given company issue will be made in the context of the specific circumstances to include the record of the management of the company. Capital does not automatically support management; however, Capital believes that the recommendation of management on any issue shall be given substantial weight in determining how proxy issues are resolved. Our guiding criterion on the voting of all proxy issues is the potential economic benefit or harm to the shareholder. Each issue is considered in light of the record of the company and its management. Thus, like issues are not always voted in the same manner for every company. This authority is granted in our Investment Advisory Agreement. The policy and guidelines can be found in Appendix A of the Agreement. If a client wishes to vote their own proxies, a client may write, send an email or call our toll free 1-800-345-6462 number, as stated in Appendix A of our Investment Advisory Agreement. We will deal with any potential material conflicts as follows. We will disclose all conflicts and vote in a manner consistent with the policy guidelines, with client consent prior to voting. This vote will be based on such predetermined policy. We also maintain and make available a record of all such votes so that our clients can learn how their shares were voted. This information is available upon request. Item 18. Financial Information There are no required financial disclosures. All clients should carefully review their account statements sent by their qualified custodians. 10  Part 2B of Form ADV – Brochure Supplement December 16, 2025 Item 1. Cover Page Paul A. Muzzey, CFA Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Paul A. Muzzey that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Paul A. Muzzey is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Paul A. Muzzey, President and Principal of our firm, was born in 1957. He received his B.S. from the University of Illinois, his M.B.A. from the University of Chicago, and is a Chartered Financial Analyst® (CFA®) charterholder. With several years of investment experience, including portfolio management in the trust department of a large international bank and manager of fixed income trading for a bank holding company, he joined Capital in 1989. Mr. Muzzey also was a faculty member of the Keller Graduate School of Management and taught for the American Institute of Banking. Mr. Muzzey has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). Chartered Financial Analyst® (CFA®) Designation The Chartered Financial Analyst® (CFA®) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. High Ethical Standards The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to: Place their clients’ interests ahead of their own Maintain independence and objectivity • • • Act with integrity • Maintain and improve their professional competence • Disclose conflicts of interest and legal matters Global Recognition Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders—often making the charter a prerequisite for employment. 11  Additionally, regulatory bodies in over 30 countries and territories recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses. Comprehensive and Current Knowledge The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession. To learn more about the CFA charter, visit www.cfainstitute.org. Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Muzzey, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 12  Part 2B of Form ADV – Brochure Supplement December 16, 2025 Item 1. Cover Page Jeffrey N. Allsop, CFA Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Jeffrey N. Allsop that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Jeffrey N. Allsop is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Jeffrey N. Allsop, Chief Investment Officer and Principal of our firm, was born in 1960. He received his B.B.A. in finance from the University of Iowa and is a Chartered Financial Analyst® (CFA®) charterholder. With his investment experience beginning in 1982, Mr. Allsop has a wide range of investment knowledge with particular expertise in securities and economic analysis in portfolio management, including equity research and managing director of a Midwest investment advisory firm. He has been with Capital since 1990. Mr. Allsop has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). Chartered Financial Analyst® (CFA®) Designation The Chartered Financial Analyst® (CFA®) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. High Ethical Standards The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to: Place their clients’ interests ahead of their own Maintain independence and objectivity • • • Act with integrity • Maintain and improve their professional competence • Disclose conflicts of interest and legal matters Global Recognition Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders—often making the charter a prerequisite for employment. Additionally, regulatory bodies in over 30 countries and territories recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses. 13  Comprehensive and Current Knowledge The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession. To learn more about the CFA charter, visit www.cfainstitute.org. Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Allsop, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 14  Part 2B of Form ADV – Brochure Supplement December 22, 2020 Item 1. Cover Page Ruth A. Benben Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Ruth A. Benben that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Ruth A. Benben is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Ruth A. Benben, Principal and Chief Compliance Officer of our firm, was born in 1956. Upon graduation from high school, she received an Administrative Degree from Concordia College of Milwaukee, Wisconsin. Mrs. Benben’s business experience includes compliance, licensing, and administration functions at Capital. She has been with Capital since 1989. Mrs. Benben has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mrs. Benben, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 15  Part 2B of Form ADV – Brochure Supplement December 22, 2020 Item 1. Cover Page Ameet L. Kamath Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Ameet L. Kamath that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Ameet L. Kamath is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Ameet L. Kamath, Principal of our firm, was born in 1970. He holds a B.A. in Journalism from the University of St. Francis, an M.S. in Mass Communication from Boston University, and an M.B.A. from the Kelley School of Business at Indiana University. Mr. Kamath’s investment experience since 1993 includes work with an emerging markets trading desk in London, with a proprietary options trading firm on the CBOE, and several years with investment management firms. He has been with Capital since 2004. Mr. Kamath has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Kamath, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 16  Part 2B of Form ADV – Brochure Supplement December 16, 2025 Item 1. Cover Page Mitchell W. Carlson, CFA, CFP® Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Mitchell W. Carlson that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Mitchell W. Carlson is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Mitchell W. Carlson, Principal of our firm, was born in 1992. He holds a B.A. in Business Economics from Beloit College, Beloit, Wisconsin, is a Chartered Financial Analyst® (CFA®) charterholder and CERTIFIED FINANCIAL PLANNER® (CFP®) professional. Mr. Carlson’s experience since 2014 includes financial services experiences with a Milwaukee brokerage firm as well as a large U.S. bank. He has been with Capital since 2018. Mr. Carlson has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). Chartered Financial Analyst® (CFA®) Designation The Chartered Financial Analyst® (CFA®) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. High Ethical Standards The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to: Place their clients’ interests ahead of their own Maintain independence and objectivity • • • Act with integrity • Maintain and improve their professional competence • Disclose conflicts of interest and legal matters Global Recognition Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders—often making the charter a prerequisite for employment. Additionally, regulatory bodies in over 30 countries and territories recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses. 17  Comprehensive and Current Knowledge The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession. To learn more about the CFA charter, visit www.cfainstitute.org. CERTIFIED FINANCIAL PLANNER® (CFP®) Professional I am certified for financial planning services in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). Therefore, I may refer to myself as a CERTIFIED FINANCIAL PLANNER® professional or a CFP® professional, and I may use these and the other certification marks (the “CFP Board Certification Marks”) that Certified Financial Planner Board of Standards Center for Financial Planning, Inc. has licensed to CFP Board in the United States. The CFP® certification is voluntary. No federal or state law or regulation requires financial planners to hold the CFP® certification. You may find more information about the CFP® certification at www.cfp.net. CFP® professionals have met CFP Board’s high standards for education, examination, experience, and ethics. To become a CFP® professional, an individual must fulfill the following requirements: • Education – Earn a bachelor’s degree or higher from an accredited college or university and complete CFP Board- approved coursework at a college or university through a CFP Board Registered Program. The coursework covers the financial planning subject areas CFP Board has determined are necessary for the competent and professional delivery of financial planning services, as well as a comprehensive financial plan development capstone course. A candidate may satisfy some of the coursework requirement through other qualifying credentials. CFP Board implemented the bachelor’s degree or higher requirement in 2007 and the financial planning development capstone course requirement in March 2012. Therefore, a CFP® professional who first became certified before those dates may not have earned a bachelor’s or higher degree or completed a financial planning development capstone course. • Examination – Pass the comprehensive CFP® Certification Examination. The examination is designed to assess an individual’s ability to integrate and apply a broad base of financial planning knowledge in the context of real- life financial planning situations. • Experience – Complete 6,000 hours of professional experience related to the personal financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements. • Ethics – Satisfy the Fitness Standards for Candidates for CFP® Certification and Former CFP® Professionals Seeking Reinstatement and agree to be bound by CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical and practice standards for CFP® professionals. Individuals who become certified must complete the following ongoing education and ethics requirements to remain certified and maintain the right to continue to use the CFP Board Certification Marks: • Ethics – Commit to complying with CFP Board’s Code and Standards. This includes a commitment to CFP Board, as part of the certification, to act as a fiduciary, and therefore, act in the best interests of the client, at all times when providing financial advice and financial planning. CFP Board may sanction a CFP® professional who does not abide by this commitment, but CFP Board does not guarantee a CFP® professional's services. A client who seeks a similar commitment should obtain a written engagement that includes a fiduciary obligation to the client. • Continuing Education – Complete 30 hours of continuing education every two years to maintain competence, demonstrate specified levels of knowledge, skills, and abilities, and keep up with developments in financial planning. Two of the hours must address the Code and Standards. 18  Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Carlson, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 19  Part 2B of Form ADV – Brochure Supplement December 16, 2025 Item 1. Cover Page Blaine E. Bancker, CFP® Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Blaine E. Bancker that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Blaine E. Bancker is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Blaine E. Bancker, Principal of our firm, was born in 1997. He holds a B.S. in Business Administration from the University of Wisconsin-La Crosse and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional. Mr. Bancker’s experience since 2018 includes an analyst intern with a Venture Capital firm. He has been with Capital since 2019, with responsibilities in the areas of operations and client servicing. Mr. Bancker has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). CERTIFIED FINANCIAL PLANNER™ (CFP®) Professional I am certified for financial planning services in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). Therefore, I may refer to myself as a CERTIFIED FINANCIAL PLANNER® professional or a CFP® professional, and I may use these and the other certification marks (the “CFP Board Certification Marks”) that Certified Financial Planner Board of Standards Center for Financial Planning, Inc. has licensed to CFP Board in the United States. The CFP® certification is voluntary. No federal or state law or regulation requires financial planners to hold the CFP® certification. You may find more information about the CFP® certification at www.cfp.net. CFP® professionals have met CFP Board’s high standards for education, examination, experience, and ethics. To become a CFP® professional, an individual must fulfill the following requirements: • Education – Earn a bachelor’s degree or higher from an accredited college or university and complete CFP Board- approved coursework at a college or university through a CFP Board Registered Program. The coursework covers the financial planning subject areas CFP Board has determined are necessary for the competent and professional delivery of financial planning services, as well as a comprehensive financial plan development capstone course. A candidate may satisfy some of the coursework requirement through other qualifying credentials. CFP Board implemented the bachelor’s degree or higher requirement in 2007 and the financial planning development capstone course requirement in March 2012. Therefore, a CFP® professional who first became certified before those dates may not have earned a bachelor’s or higher degree or completed a financial planning development capstone course. • Examination – Pass the comprehensive CFP® Certification Examination. The examination is designed to assess an individual’s ability to integrate and apply a broad base of financial planning knowledge in the context of real- life financial planning situations. • Experience – Complete 6,000 hours of professional experience related to the personal financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements. • Ethics – Satisfy the Fitness Standards for Candidates for CFP® Certification and Former CFP® Professionals Seeking Reinstatement and agree to be bound by CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical and practice standards for CFP® professionals. 20  Individuals who become certified must complete the following ongoing education and ethics requirements to remain certified and maintain the right to continue to use the CFP Board Certification Marks: • Ethics – Commit to complying with CFP Board’s Code and Standards. This includes a commitment to CFP Board, as part of the certification, to act as a fiduciary, and therefore, act in the best interests of the client, at all times when providing financial advice and financial planning. CFP Board may sanction a CFP® professional who does not abide by this commitment, but CFP Board does not guarantee a CFP® professional's services. A client who seeks a similar commitment should obtain a written engagement that includes a fiduciary obligation to the client. • Continuing Education – Complete 30 hours of continuing education every two years to maintain competence, demonstrate specified levels of knowledge, skills, and abilities, and keep up with developments in financial planning. Two of the hours must address the Code and Standards. Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Bancker, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 21  Part 2B of Form ADV – Brochure Supplement December 16, 2025 Item 1. Cover Page Steven L. Muzzey, CFP® Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Steven L. Muzzey that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Steven L. Muzzey is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Steven L. Muzzey, Principal of our firm, was born in 2000. He holds a B.S. in Personal Finance, with an Economics Major, from the University of Wisconsin-Madison and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional. Mr. Muzzey’s experience since 2000 includes internships throughout his college time with our firm, Capital Investment Services of America, Inc. He has been a full-time employee at Capital since 2022, with responsibilities in the areas of operations and client servicing. Mr. Muzzey has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). CERTIFIED FINANCIAL PLANNER™ (CFP®) Professional I am certified for financial planning services in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). Therefore, I may refer to myself as a CERTIFIED FINANCIAL PLANNER® professional or a CFP® professional, and I may use these and the other certification marks (the “CFP Board Certification Marks”) that Certified Financial Planner Board of Standards Center for Financial Planning, Inc. has licensed to CFP Board in the United States. The CFP® certification is voluntary. No federal or state law or regulation requires financial planners to hold the CFP® certification. You may find more information about the CFP® certification at www.cfp.net. CFP® professionals have met CFP Board’s high standards for education, examination, experience, and ethics. To become a CFP® professional, an individual must fulfill the following requirements: • Education – Earn a bachelor’s degree or higher from an accredited college or university and complete CFP Board- approved coursework at a college or university through a CFP Board Registered Program. The coursework covers the financial planning subject areas CFP Board has determined are necessary for the competent and professional delivery of financial planning services, as well as a comprehensive financial plan development capstone course. A candidate may satisfy some of the coursework requirement through other qualifying credentials. CFP Board implemented the bachelor’s degree or higher requirement in 2007 and the financial planning development capstone course requirement in March 2012. Therefore, a CFP® professional who first became certified before those dates may not have earned a bachelor’s or higher degree or completed a financial planning development capstone course. • Examination – Pass the comprehensive CFP® Certification Examination. The examination is designed to assess an individual’s ability to integrate and apply a broad base of financial planning knowledge in the context of real- life financial planning situations. • Experience – Complete 6,000 hours of professional experience related to the personal financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements. • Ethics – Satisfy the Fitness Standards for Candidates for CFP® Certification and Former CFP® Professionals Seeking Reinstatement and agree to be bound by CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical and practice standards for CFP® professionals. 22  Individuals who become certified must complete the following ongoing education and ethics requirements to remain certified and maintain the right to continue to use the CFP Board Certification Marks: • Ethics – Commit to complying with CFP Board’s Code and Standards. This includes a commitment to CFP Board, as part of the certification, to act as a fiduciary, and therefore, act in the best interests of the client, at all times when providing financial advice and financial planning. CFP Board may sanction a CFP® professional who does not abide by this commitment, but CFP Board does not guarantee a CFP® professional's services. A client who seeks a similar commitment should obtain a written engagement that includes a fiduciary obligation to the client. • Continuing Education – Complete 30 hours of continuing education every two years to maintain competence, demonstrate specified levels of knowledge, skills, and abilities, and keep up with developments in financial planning. Two of the hours must address the Code and Standards. Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Muzzey, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 23  Part 2B of Form ADV – Brochure Supplement December 16, 2025 Item 1. Cover Page Bradley E. Bodus, CFP® Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Bradley E. Bodus that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Bradley E. Bodus is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Bradley E. Bodus, an Associate of our firm, was born in 1996. He received a B.S. in Business Administration, with a Finance and Management emphasis, from the University of Wisconsin-Platteville in 2020 and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional. Mr. Bodus has been with Capital since 2023, with responsibilities in the areas of operations, maintaining various internal systems, client servicing and assisting with the clerical aspects of the trading function at the direction of the portfolio management team. Mr. Bodus has passed and holds a Series 65 Uniform Investment Advisers Law Exam License, which is required in most states in order to provide investment advice. The Series 65 Exam is prepared by the North American Securities Administrators Association (NASAA). CERTIFIED FINANCIAL PLANNER™ (CFP®) Professional I am certified for financial planning services in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). Therefore, I may refer to myself as a CERTIFIED FINANCIAL PLANNER® professional or a CFP® professional, and I may use these and the other certification marks (the “CFP Board Certification Marks”) that Certified Financial Planner Board of Standards Center for Financial Planning, Inc. has licensed to CFP Board in the United States. The CFP® certification is voluntary. No federal or state law or regulation requires financial planners to hold the CFP® certification. You may find more information about the CFP® certification at www.cfp.net. CFP® professionals have met CFP Board’s high standards for education, examination, experience, and ethics. To become a CFP® professional, an individual must fulfill the following requirements: • Education – Earn a bachelor’s degree or higher from an accredited college or university and complete CFP Board- approved coursework at a college or university through a CFP Board Registered Program. The coursework covers the financial planning subject areas CFP Board has determined are necessary for the competent and professional delivery of financial planning services, as well as a comprehensive financial plan development capstone course. A candidate may satisfy some of the coursework requirement through other qualifying credentials. CFP Board implemented the bachelor’s degree or higher requirement in 2007 and the financial planning development capstone course requirement in March 2012. Therefore, a CFP® professional who first became certified before those dates may not have earned a bachelor’s or higher degree or completed a financial planning development capstone course. • Examination – Pass the comprehensive CFP® Certification Examination. The examination is designed to assess an individual’s ability to integrate and apply a broad base of financial planning knowledge in the context of real- life financial planning situations. • Experience – Complete 6,000 hours of professional experience related to the personal financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements. • Ethics – Satisfy the Fitness Standards for Candidates for CFP® Certification and Former CFP® Professionals Seeking Reinstatement and agree to be bound by CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical and practice standards for CFP® professionals. 24  Individuals who become certified must complete the following ongoing education and ethics requirements to remain certified and maintain the right to continue to use the CFP Board Certification Marks: • Ethics – Commit to complying with CFP Board’s Code and Standards. This includes a commitment to CFP Board, as part of the certification, to act as a fiduciary, and therefore, act in the best interests of the client, at all times when providing financial advice and financial planning. CFP Board may sanction a CFP® professional who does not abide by this commitment, but CFP Board does not guarantee a CFP® professional's services. A client who seeks a similar commitment should obtain a written engagement that includes a fiduciary obligation to the client. • Continuing Education – Complete 30 hours of continuing education every two years to maintain competence, demonstrate specified levels of knowledge, skills, and abilities, and keep up with developments in financial planning. Two of the hours must address the Code and Standards. Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Bodus, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. 25  Part 2B of Form ADV – Brochure Supplement December 3, 2024 Item 1. Cover Page Nicholas W. Newkirk Capital Investment Services of America, Inc. 111 E. Wisconsin Avenue, Suite 1310 Milwaukee, WI 53202 Telephone (414) 278-7744 or (800) 345-6462 Website www.capinv.com This brochure supplement provides information about Nicholas W. Newkirk that supplements the Capital Investment Services of America, Inc. (Capital) brochure. You should have received a copy of that brochure. Please contact Ruth A. Benben, Chief Compliance Officer, if you did not receive Capital Investment Services of America, Inc.’s brochure or if you have questions about the contents of this supplement. Additional information about Nicholas W. Newkirk is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2. Educational Background and Business Experience Nicholas W. Newkirk, Associate of our firm, was born in 2001. He holds a degree in Finance from the University of Wisconsin-Oshkosh. Mr. Newkirk has been with Capital since January 2024, and his responsibilities at Capital are in the areas of operations and client servicing. He also assists with the clerical aspects of the trading function at the direction of the portfolio management team. Mr. Newkirk has passed and holds the NASAA Uniform Combined State Law Exam License Series 66 designed to qualify candidates as both securities agents and investment adviser representatives. Item 3. Disciplinary Information There is no history of disciplinary information. Item 4. Other Business Activities There are no other business activities. Item 5. Additional Compensation There is no other additional compensation. Item 6. Supervision All Portfolio Managers and Advisors, including Mr. Newkirk, must follow the guidelines set forth by the firm’s Investment Committee. Individual securities are only to be purchased on behalf of clients if they are on the firms approved list. This list is reviewed on an ongoing basis by the Investment Committee. In addition, approximately once per year each client account is subject to a Portfolio Review by a designated Principal of the firm to ensure adherence to the previously stated guidelines. The review is overseen by our Chief Compliance Officer. All Portfolio Managers and Advisors must also follow all firm guidelines regarding client communications, management of their accounts, and restrictions on trading in their personal or related accounts. These activities are reviewed by our Chief Compliance Officer, Ruth A. Benben. All employees can be reached at (414) 278-7744 or (800) 345-6462. ADV Part 2AB Firm Brochure 12-2025 26