F&V Capital Management LLC

Item 5      Fees and Compensation

                   INVESTMENT SUPERVISORY SERVICES ("ISS")
                   INDIVIDUAL PORTFOLIO MANAGEMENT FEES

Our annual fees for Investment Supervisory Services are based upon a percentage of assets under
management and generally range from 0.50% to 2.50% depending on assets under management and
other factors.
On a case-by-case basis, F&V Capital Management, LLC determines an appropriate fee structure based
on the size, complexity and investment objectives of the client's account. Fee arrangements may
include a fee based on a percentage of assets under management or a combination of a management fee
and a performance-based fee. The terms and conditions of the fee structure are mutually agreed upon
prior to entering into an advisory agreement.

Account Management Fees: F&V Capital Management, LLC typically charges a fee for account
management that is calculated and paid as a percentage of the assets under management. The Account
Management Fee is calculated at an annual rate not to exceed 2.50%, excluding performance-based
fees. Fees are calculated on a quarterly basis, and are payable in arrears based on the value of the
account at the beginning of each billing period. The Account Management Fee is prorated for periods
less than a full billing cycle and adjusted to cover any additional contributions made during that period.
Minimum fees may apply.
Managed Account Incentive Fees: Certain Managed Accounts may pay F&V Capital Management,
LLC performance-based compensation ("Incentive Fees"). The Incentive Fee is calculated based on a
percentage of the net profits of the account(s) on a basis mutually agreed upon with the client.

F&V Capital Management, LLC's incentive fee is up to 20% of the net profits above the benchmark
return. Such incentive fees are received in addition to a base fee which is a fixed percentage of assets

under management. Such clients who elect to terminate their contracts will be charged a performance-
based fee based on the performance of the account for the measuring period going back from the
termination date and pro-rated from the date on which the performance-based fee was last assessed.

In measuring the Managed Account client's assets for the calculation of performance-based fees, F&V
Capital Management, LLC includes the realized capital losses and unrealized capital losses of securities
over the period being measured, as well as both realized and unrealized capital gains.

The client must understand the performance-based fee method of compensation and its risks prior to
entering into a management contract with us.
PERFORMANCE-BASED FEES WILL ONLY BE CHARGED IN ACCORDANCE WITH THE
PROVISIONS OF REG. 205-3 OF THE INVESTMENT ADVISERS ACT OF 1940 AND/OR
APPLICABLE STATE REGULATIONS. THE FEES WILL NOT BE OFFERED TO ANY CLIENT
RESIDING IN A STATE IN WHICH SUCH FEES ARE PROHIBITED.
Pursuant to an order by the Securities and Exchange Commission (SEC) on June 17, 2021,
performance-based fees may be offered only to Qualified Clients with a minimum of $1,100,000 of
assets under management, or a net worth of more than $2,200,000. These amounts are expected to be
increased again on or about May 1, 2026. FVCM’s ability to offer performance-based fees will remain
consistent with all future adjustments made by the SEC. Account size may be negotiable under certain
circumstances. F&V Capital Management, LLC may group certain related client accounts for the
purposes of achieving the minimum account size and determining the annualized fee.
Limited Negotiability of Advisory Fees: Although F&V Capital Management, LLC has established the
aforementioned fee schedule(s), we retain the discretion to negotiate alternative fees on a client-by-
client basis. Client facts, circumstances and needs are considered in determining the fee schedule.
These include the complexity of the client, assets to be placed under management, anticipated future
additional assets; related accounts; portfolio style, account composition, reports, among other factors.
The specific annual fee schedule is identified in the contract between the adviser and each client.
We may group certain related client accounts for the purposes of achieving the minimum account size
requirements and determining the annualized fee.
Discounts not generally available to our advisory clients may be offered to family members and friends
of associated persons of our firm.

                MUTUAL FUND PORTFOLIO MANAGEMENT FEES
F&V Capital Management, LLC charges an asset-based fee for this service. The fee arrangement,
termination, and refund policies are described in the Mutual Fund's prospectus and other literature on
the fund.
Portfolio management clients of our firm who also invest in the FVCM US Equity Fund will pay only
those fees charged to investors by the Mutual Fund, i.e., the value of the client's investment in the
Mutual Fund is excluded from any quarterly portfolio management fee calculation for individually
managed accounts in the United States.

                                 GENERAL INFORMATION
Termination of the Advisory Relationship: A client agreement may be canceled at any time, by either

party, for any reason upon receipt of 30 days written notice. FVCM charges management fees in
arrears. Therefore, upon termination of any account, any unpaid fees will be billed to the client upon
notice of termination of an advisory agreement.
Mutual Fund Fees: All fees paid to F&V Capital Management, LLC for investment advisory services
are separate and distinct from the fees and expenses charged by mutual funds and/or ETFs to their
shareholders. These fees and expenses are described in each fund's prospectus. These fees will
generally include a management fee, other fund expenses, and a possible distribution fee. If the fund
also imposes sales charges, a client may pay an initial or deferred sales charge. A client could invest in
...

Item 7      Types of Clients

F&V Capital Management, LLC provides advisory services to the following types of clients:

 Individuals (other than high net worth individuals)
 High net worth individuals
 A Luxembourg-based mutual fund not available to U.S. citizens
 Corporations or other businesses not listed above
 Trusts
As previously disclosed in Item 5, our firm has established initial minimum account requirements,
based on the nature of the service(s) being provided. Furthermore, our firm has certain minimum
account requirements to maintain an account, based on the nature of the service(s) being provided.
Clients and potential clients are encouraged to discuss their individual needs and circumstances with a
principal of FVCM in order to determine if such minimums apply to their specific needs.