Dorsey Wright & Associates LLC

Item 5: Fees and Compensation

  The current fees for Research, Seminars, and Special Services are disclosed above in Item 4. The
  description of Fees for Investment Management are computed at an annualized percentage of assets under
  management on a sliding scale. The current fee schedule is set forth below.

         Equity - Growth, Aggressive Growth,
         Growth & Income, Large Cap
         Fusion, Small Cap Fusion
         First $ 500,000 1.25%
         Next $ 500,000 1.00%
         Over $1,000,000 0.75%
         (Minimum Annual Fee: $1,250)

       Systematic Relative Strength -                Systematic Relative Strength –
       Balanced, Global Macro                        Aggressive, Growth, Core, International Core,
                                                     ESG Core
       First $1,000,000 1.00%                        First $ 500,000 1.25%
       Next $1,000,000 0.85%                         Next $ 500,000 1.00%
       Over $2,000,000 0.75%                         Over $1,000,000 0.75%
       (Minimum Annual Fee: $2,000)                  (Minimum Annual Fee: $2,500)

       Systematic Relative Strength –                Focus Five Strategy
       Tactical Fixed Income                         First $1,000,000 0.50%
       First $1,000,000 0.50%                        Next $1,000,000 0.40%
       Next $1,000,000 0.40%                         Over $2,000,000 0.35%
       Over $2,000,000 0.35%                         (Minimum Annual Fee: $1,000)
       (Minimum Annual Fee: $1,000)

       Moderate Risk Endowment
       First $1,000,000 1.00%
       Next $1,000,000 0.85%
       Over $2,000,000 0.75%
       (Minimum Annual Fee: $2,000)

The minimum account sizes and annual fees stated above are negotiable at the discretion of Nasdaq
Dorsey Wright. These fees are for Nasdaq Dorsey Wright advisory services only and do not include any
transaction fees or commissions. The fee is based on the total market value, including cash. Lower or
higher fees for comparable services may be available from other sources. Exceptions are made to the base
fee schedule and minimum account size at the discretion of Nasdaq Dorsey Wright.

In addition to fees paid for advisory services with respect to clients' investments in mutual funds, clients
pay additional fees on the mutual fund investment because the mutual funds also pay advisory and/or
management fees to an investment advisor. Exchange Traded Funds (ETFs) also result in the layering of
fees, as ETFs impose their own advisory and other fees. To obtain more complete information about an
ETF, the documents are publicly available for free via EDGAR on the SEC website (http://www.sec.gov).

Advisory fees are calculated quarterly, using the value of the client account as of a specific day selected
by the custodian, which can be the final day of the previous quarter or a day after the end of the previous
quarter.

  Generally, we do not recommend securities that are illiquid or hard-to price. Should a rare occurrence of
  this ever happen, NDW will value the assets in a manner determined in good faith. The asset may also
  be treated as having no value if this is not misleading to clients.

  Nasdaq Dorsey Wright does not share investment management fees with an unaffiliated sponsor firm that
  refers clients. Please refer to Client Referrals section for more information. The sponsor firms will be
  compensated under arrangements made directly with their clients, which may be commission-based
  and/or fee-based. Clients referred to by sponsor firms should carefully read the section on Brokerage
  Practices (Brokerage for Client Referrals and Trade Aggregation).

  The fee will be payable quarterly in advance. The first payment is due and payable upon execution of the
  Agreement and will be assessed pro-rata in the event the Agreement is executed other than the first day of
  the new calendar quarter. Subsequent payments are calculated on the first day of each calendar quarter
  based on the value of the account assets under management as of the close of business on the last business
  day of the preceding quarter. When billing quarterly in advance, clients will also be billed for additional
  monies added to their account during the advisory fee period that will be billed on a pro-rata basis.

  Payment of fees may be paid direct by the client, or client may authorize the custodian holding client
  funds and securities to deduct advisory fees direct from the client account in accordance with statements
  prepared and submitted to the custodian by Nasdaq Dorsey Wright. The custodian will provide periodic
  account statements to the client. Such statements will reflect all fee withdrawals by Nasdaq Dorsey
  Wright. It is the client’s responsibility to verify the accuracy of the fee calculation. The custodian will
  not determine whether the fee is properly calculated.

  Investment Management services will continue until either party terminates the agreement on thirty (30)
  calendar days written notice. If termination occurs prior to the end of a calendar quarter, a pro-rata refund
  of unearned fees will be made to the client.

  Upon termination, all assets will be held at the custodian, and it will be Client’s responsibility to instruct
  the custodian as to the final disposition of assets, unless Client specifically notifies Nasdaq Dorsey
  Wright to liquidate or take other action. As of the date of termination, Nasdaq Dorsey Wright will no
  longer be advisor of record, and it will be Client’s responsibility to monitor the timely disposition of the
  account and take all future actions in regard to the management of the account.

General Service and Fee Disclosures

  Fees are not collected from any investment management client more than six months in advance.

  Nasdaq Dorsey Wright is an investment advisory firm that receives fees as compensation for research,
  investment management, and seminars.
...

Types of Clients

   Nasdaq Dorsey Wright provides personal and impersonal advisory services to individuals, banking
   institutions, pension and profit-sharing plans and other ERISA accounts, trusts, estates, and business
   entities.

   Nasdaq Dorsey Wright acts as sub-advisor to collective investment funds, a licensor to providers of
   exchange- traded funds (ETFs) and exchange traded notes (ETNs), certificates of deposit and structured
   products, a licensor to providers of variable insurance trusts, and a consultant to providers of unit
   investment trusts.
   Nasdaq Dorsey Wright licenses model or index products to one or more Registered Investment
   Advisers and Broker-dealers.

Nasdaq Dorsey Wright has arrangements with other investment advisors to act as sub-advisor for the
purpose of providing investment research, making investment recommendations or trading. Clients would
sign an advisory agreement for the other investment advisor and would not be clients of Nasdaq Dorsey
Wright. When we act as sub-advisor, the client’s primary investment advisor may offer within its Investment
Advisor Brochure to provide Nasdaq Dorsey Wright’s Investment Advisor Brochure.

  Account Minimums

  Nasdaq Dorsey Wright has minimums for account size and fees, subject to exceptions.

                                                                 Minimum Size           Minimum Fee
    Equity Account                                              $100,000               $1,250
          (Growth, Aggressive Growth, Growth & Income
          Large Cap Fusion, Small Cap Fusion)
   Systematic Relative Strength                                 $200,000               $ 2,500
          (Aggressive, Core, International Core, ESG Core)

                                                                 $200,000               $ 2,000
   Systematic Relative Strength
          (Balanced, Global Macro)

    Tactical Fixed Income                                       $200,000               $ 1,000

    Focus Five                                                  $200,000               $ 1,000
    Moderate Risk   Endowment                                   $200,000               $ 2,000