Feltl Advisors LLC

Item 5 Fees and Compensation

    A. The advisory fees that FA charges are negotiable but not to exceed a maximum of 3%. As
       mentioned in Item 4B., RBC Advisor allows clients to purchase no-load and load waived
       mutual funds in addition to other securities. FA has been approved by RBC to participate in its
       fee program. Because the fee paid by the client to RBC covers the cost of custody, trades are
       executed through RBC. The Program fee is negotiated between you and FA, and is set forth in
       your client agreement.

        Please refer to the RBC Wealth Management Advisory Program Disclosure Document Form
        ADV, Part 2A Appendix 1, Fee Program Brochure for a greater description of the RBC
        Program Accounts services.

    B. The annual fee described in subpart A. above is charged on a quarterly basis in advance of each
       quarter, and is based upon the value of the account at the close of the prior quarter. RBC
       deducts the fees from client accounts, takes its portion of custody and/or management fees, and
       pays remaining fees to FA, which in turn shares the fees with the IAR who is assigned to the
       client account.

    C. Although margin accounts are not typically permitted in advisory accounts, if indeed such an
       arrangement is requested and approved or interest is charged on a debit balance, the client is
       advised that under the clearing agreement between F&C (FA’s broker-dealer affiliate) and
       RBC, F&C receives a share of the margin interest generated on debit balances in clients’
       margin accounts. Any margin interest received by F&C is not shared with the FA or FA IAR.
       However, FA recommending or your maintaining a margin account presents a conflict of
       interest, because it increases costs for you the investor.

        Under the terms of F&C’s clearing agreement with RBC, all new FA accounts will have cash
        balances held in the RBC Insured Deposits (FDIC insured cash balances). No other free credit
        balance investment options are available for new FA accounts. F&C receives from RBC
        compensation based on a percentage of the RBC Insured Deposits that FA’s clients have on
        deposit with RBC. This is a conflict of interest, in that F&C (FA’s broker-dealer affiliate)
        receives a financial benefit for the amounts in the RBC Insured Deposits. The compensation
        F&C receives is based on the following formula: (current Effective Fed Funds Rate / 1.20%) x
        .45%, up to a maximum of 65 basis points (.0065).

        Clients with FA accounts opened prior to June 2018 hold cash balances in the RBC Investor
        Class money market fund, TUIXX. F&C receives from RBC 13.5 basis points (0.00135), less
        100% of the fees waived by the fund. If the fund waives 50 basis points or more, no sharing
        will be paid. This is a conflict of interest, in that F&C (FA’s broker-dealer affiliate) receives a
        potential financial benefit for the amounts swept into TUIXX for FA accounts opened prior to
        June 2018. Note that “RBC Capital Markets, LLC (“RBC Capital Markets”) has contractually
        agreed to waive distribution and service fees and/or reimburse the Fund in order to limit the
        Fund’s total expenses…to .25% of the Fund’s average daily net assets for Investor Class
        shares…until January 31, 2026” (RBC Global Asset Management, RBC Money Market Fund
        Prospectus, January 27, 2025, page 1, footnote 1)

        In either case (the RBC Insured Deposits and TUIXX) the compensation received by F&C is
        not shared with FA or FA IARs.

        Clients also have the ability to purchase additional money market or interest-bearing securities,
        instead of having funds invested in the RBC Insured Deposits and TUIXX cash balances

   products. However, such other money market or interest-bearing products are not “sweep”
   products, meaning orders to buy or sell such products would be entered manually each time the
   client wished to make a transaction. F&C would not receive any revenue sharing from the
   client’s purchase of such products. Depending on the type of products being considered, such
   products may be cheaper for the client than the RBC Insured Deposits and TUIXX cash
   balances products.

D. The annual fee described in subpart A above is charged on a quarterly basis in advance of each
   quarter, and is based upon the value of the account at the close of the prior quarter. If a client
   chooses to close an account in the middle of a quarter, the client will receive a refund of the
   prorated amount of the fee that was paid in advance.

E. In addition to the fees and charges described in subparts A and C above, FA and its affiliated
   broker-dealer F&C may receive the following forms of compensation, and each of these
   instances could present a conflict of interest:

        (1) FA may receive ongoing payments from the mutual fund companies related to
            purchases, which are commonly known as “12b-1 fees.” 12b-1 or distribution fees will
            be rebated back on mutual funds held in FA investment advisory accounts custodied by
            RBC. However, 12b-1 or distribution fees may be charged on mutual funds sold into
            brokerage accounts serviced by registered representatives (“RRs”) of F&C, though
            investment advisory fees are not charged to clients of F&C brokerage accounts. FA
            investment advisory clients should consider these differences when deciding between
            entering into a brokerage versus investment advisory relationship with FA and/or F&C
            and its representatives.

        (2) Certain new issue offerings, whether underwritten by F&C or by an unaffiliated
            financial institution, carry a sales credit that is built into the price of the offering – in
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Item 7      Types of Clients

 The vast majority of FA’s advisory clients are individual investors. FA also offers investment advice
 to corporations, partnerships, pension and profit sharing plans, institutions, trusts, and other business
 entities. RBC Program Accounts, which are managed by the IAR or by independent approved RBC
 Program Managers, require* the following minimums in initial assets to open the account:
      Advisor - $25,000
      Consulting Solutions - $100,000 to $250,000 depending on approved RBC Program Manager.
      RBC UP - $10,000 for small account solution, $25,000 if using only mutual funds and/or
          ETFs, $50,000 for equity, balance & tax fixed income managers, $250,000 for tax-exempt
          fixed income managers.

 *In certain instances accounts may be initiated without minimum assets if/when additional qualifying
 assets are expected to be transferred into the account – subject to RBC approval.