Mason Investment Advisory Services Inc.

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) 
SECURITIES AND EXCHANGE COMMISSION

2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CENSURE CEASE AND DESIST DISGORGEMENT UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
04/15/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 3-20261
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SEC ALLEGED THAT AT TIMES DURING THE PERIOD FROM FEBRUARY 1, 2014, THROUGH SEPTEMBER 30, 2016, MIAS PURCHASED, RECOMMENDED,
OR HELD FOR CERTAIN ADVISORY CLIENTS' MUTUAL FUND SHARE CLASSES THAT CHARGED 12B-1 FEES WHEN SHARES OF THE SAME FUNDS WITHOUT
12B-1 FEES WERE AVAILABLE. MIAS'S AFFILIATE BROKER-DEALER, MASON SECURITIES, INC. ("MSI") RECEIVED 12B-1 FEE REVENUE IN CONNECTION
WITH THESE INVESTMENTS, A SMALL PORTION OF WHICH WAS THEN PAID TO CERTAIN MIAS REPRESENTATIVES IN THEIR CAPACITY AS REGISTERED
REPRESENTATIVES OF MSI. THE SEC ALLEGES THAT MIAS' HOLDING OF 12B-1 FEE PAYING SHARES FOR CLIENTS BREACHED ITS FIDUCIARY DUTY;
FAILED TO ADEQUATELY DISCLOSE IN ITS FORM ADV THE CONFLICT OF INTEREST CREATED BY MASON SECURITIES RECEIVING THE 12B-1 REVENUE;
AND FAILED TO ADOPT ADEQUATE POLICIES AND PROCEDURES DESIGNED TO PREVENT VIOLATIONS OF THE SECURITIES LAW IN CONNECTION WITH
MUTUAL FUND SHARE CLASS SELECTION PRACTICES.
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:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
04/15/2021
 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: $ 150,000.00
 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: 
TOTAL PENALTY: $975,057.78
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).
AS THE SEC ACKNOWLEDGES IN THE ORDER, DURING THIS TIME, MIAS ACTIVELY, AND ON ITS OWN INITIATIVE, UNDERTOOK TO ELIMINATE THE USE OF
12B-1 FEE PAYING MUTUAL FUND SHARE CLASSES BY: (I) INITIATING A FIRM-WIDE EFFORT IN APRIL 2016, IN WHICH THE VAST MAJORITY OF MIAS'S
CLIENT WERE TRANSITIONED FROM 12B-1 FEE PAYING SHARE CLASSES TO NON-12B-1-FEE-PAYING SHARE CLASSES; AND (II) DIMINISHING THE USE
OF 12B-1 FEE PAYING SHARE CLASSES, SUCH THAT MIAS CEASED PURCHASING MUTUAL FUND SHARE CLASSES THAT CHARGED 12B-1 FEES BY AUGUST
2016. MIAS HAS EVALUATED IF ANY OTHER CLIENTS NEEDED TO BE CONVERTED TO LOWER-COST MUTUAL FUND SHARE CLASSES; REVISED THE FIRM'S
POLICIES AND PROCEDURES; AND PAID ALL OF THE DISGORGEMENT AND PREJUDGMENT INTEREST TO AFFECTED CLIENTS, WHICH IT COMPLETED IN

DECEMBER 2020 IN ANTICIPATION OF THE ENTRY OF THE ORDER.

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) 
SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CENSURE AND CIVIL MONEY PENALTY
3.
Date Initiated (MM/DD/YYYY): 
09/17/2024
 Exact
 Explanation

If not exact, provide explanation:
4.
Docket/Case Number:
ADMINISTRATIVE PROCEEDING FILE NO. 3-22136
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
BEGINNING DECEMBER 31, 2019, THROUGH SEPT. 30, 2023, THE FIRM HAD INVESTMENT DISCRETION OVER AT LEAST $100 MILLION OF REPORTABLE
SECURITIES AND FAILED TO FILE QUARTERLY FORMS 13F.
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):
09/17/2024
 Exact
 Explanation
ot e act, p o
de e p a at o
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 525,000.00
 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: 
THE FIRM WAS ORDERED TO PAY A CIVIL MONETARY PENALTY OF $525,000. IT WAS PAID ON OR ABOUT 10/7/2024.
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).
THE FIRM EXERCISED INVESTMENT DISCRETION OVER SECTION 13(F) SECURITIES OF AT LEAST $100 MILLION BUT FAILED TO FILE THE QUARTERLY
FORMS 13F FOR THE QUARTERS BEGINNING DECEMBER 31, 2019, THROUGH SEPT 30, 2023. IN SETTLING THE MATTER, MASON AGREED TO THE ENTRY
OF A CEASE AND DESIST ORDER, A CENSURE, AND A CIVIL MONETARY PENALTY OF $525,000. IN AGREEING TO SETTLE THIS MATTER, THE SEC ALSO
CONSIDERED CERTAIN REMEDIAL ACTS PROMPTLY UNDERTAKEN BY MASON.