Ulland Investment Advisors, LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is

registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MINNESOTA DEPARTMENT OF COMMERCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/29/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
103671
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
ULLAND INVESTMENT ADVISORS, LLC
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE MINNESOTA DEPARTMENT OF COMMERCE ALLEGED THAT THE FIRM ALLOWED THREE OF ITS INVESTMENT ADVISER REPRESENTATIVES TO PROVIDE
INVESTMENT ADVICE TO MINNESOTA CONSUMERS WITHOUT BEING PROPERLY REGISTERED OR EXEMPT FROM REGISTRATION, IN VIOLATION OF
MINNESOTA STATUTES § 80A.58(A).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
05/11/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 30,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction

 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
ONE FIRM INVESTMENT ADVISOR REPRESENTATIVE WAS REQUIRED TO RETAKE THE SERIES 65 EXAM. THE EXAM WINDOW WAS OPENED ON
JANUARY 10, 2026 (THROUGH MAY 10, 2026) AND THE SERIES 65 EXAM WAS TAKEN AND PASSED ON MAY 2, 2026, THEREBY SATISFYING THE
CONDITION. UNDER THE SETTLEMENT ORDER, THE FIRM WAS ASSESSED A CIVIL PENALTY OF $30,000, OF WHICH $10,000 WAS STAYED,
RESULTING IN A PAYMENT OF $20,000, PLUS $270 IN INVESTIGATIVE COSTS. THE STAYED $10,000 MAY BE IMPOSED IF THE FIRM COMMITS
FURTHER VIOLATIONS BEFORE JANUARY 1, 2029, AND IS VACATED IF NOT IMPOSED BY THAT DATE. THE $20,270 PAYMENT WAS MADE TO THE
STATE OF MINNESOTA ON APRIL 16, 2026.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MAY 11, 2026, THE MINNESOTA DEPARTMENT OF COMMERCE ENTERED INTO A SETTLEMENT ORDER WITH ULLAND INVESTMENT ADVISORS, LLC
SETTLING AN ADMINISTRATIVE ACTION. THE MATTER CONCERNED REGISTRATION STATUS AND DID NOT INVOLVE ANY ALLEGATION OF FRAUD, CLIENT
LOSS, OR MISCONDUCT IN INVESTMENT ADVICE PROVIDED. THE DEPARTMENT FOUND THAT THE FIRM ALLOWED THREE OF ITS INVESTMENT ADVISER
REPRESENTATIVES TO PROVIDE INVESTMENT ADVICE TO MINNESOTA CONSUMERS WITHOUT BEING PROPERLY REGISTERED OR EXEMPT FROM
REGISTRATION, IN VIOLATION OF MINNESOTA STATUTES § 80A.58(A). THE FIRM CONSENTED TO THE ORDER WITHOUT A HEARING. UNDER THE ORDER,
THE FIRM WAS ASSESSED A CIVIL PENALTY OF $30,000, OF WHICH $10,000 WAS STAYED, RESULTING IN A PAYMENT OF $20,000, PLUS $270 IN
INVESTIGATIVE COSTS, AND AGREED TO CEASE AND DESIST FROM VIOLATIONS OF MINNESOTA STATUTES CHAPTER 80A. THE STAYED $10,000 MAY BE
IMPOSED IF THE FIRM COMMITS FURTHER VIOLATIONS BEFORE JANUARY 1, 2029, AND IS VACATED IF NOT IMPOSED BY THAT DATE. THE FIRM HAS
REGISTERED THE THREE INVESTMENT ADVISOR REPRESENTATIVES.