Highland Capital Management LLC

Item 5                 Fees and Compensation

Highland Capital calculates fees based upon the market value of client assets under management. Our fees are
subject to negotiation and are payable quarterly by calculating the market value of client assets on the last day
of business in a calendar quarter. Fees billed in advance are calculated on the market value of the plan’s assets
at the beginning of the billing period.

Clients have the option to pay their fee one quarter in advance. Upon termination of an account, the client will
receive a prorated portion of their prepaid fees. The fee will be prorated based on the number of days between
closing date and next billing quarter date. For example, if a client pre-paid their fees through June 30 and the
account closed May 31, we would refund the portion of the fees from the closing date to June 30.

Below is the fee schedule for investment strategies offered by Highland Capital. All fee rates and minimums
are negotiable.

   • Traditional Fixed Income Accounts
   Market Value of Assets Managed                            Rate Per Annum
   First $10,000,000                                         0.375%
   In Excess of $10,000,000                                  0.25%

   • Traditional Equity Accounts
   Market Value of Assets Managed                            Rate Per Annum
   First $5,000,000                                          1.00%
   Next $10,000,000                                          0.75%
   In Excess of $15,000,000                                  0.50%

   •     Institutional Equity (Large Cap Value, Large Cap Growth, International)
         Market Value of Assets Managed                     Rate Per Annum
         First $20,000,000                                  0.50%
         Next $36,000,000                                   0.375%
         Over $56,000,000                                   Negotiable

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Highland Capital Management, LLC - Form ADV Part 2A                                            July 1, 2026

   •   Institutional Balanced
       Market Value of Assets Managed                       Rate Per Annum
       First $20,000,000                                    0.50%
       Next $36,000,000                                     0.375%
       Over $56,000,000                                     Negotiable
       Account minimum $1,000,000

   •   Institutional Short-Term Fixed Income
       Market Value of Assets Managed                       Rate Per Annum
       First $50,000,000                                    0.250%
       Next $100,000,000                                    0.125%
       Next $150,000,000                                    0.10%
       Over $300,000,000                                    Negotiable
       Highland has a minimum annual fee of $10,000

   •   SMID Cap Core Alpha fee is .75% per annum of assets under management.
   •   Core Plus strategy includes a fee of 1.00% per annum of assets under management plus a 10.00%
       performance fee.
       Account minimum $10,000,000
   •   401K ETF Models fee are 0.50% per annum of assets under management.

Below is an example of how we calculate a quarterly fee.
Type of
Investment           Market Value          Rate                     Qtr            Fee
Equity               1,000,000     x       1.000%           ÷       4      =       $2,500.00
Fixed Income         1,000,000     x       0.375%           ÷       4      =       $ 937.50
Cash                    25,000     x       0.375%           ÷       4      =       $ 23.44
Total Fee:                                                                         $3,460.94

Clients can pay fees two different ways. Clients can send a check to Highland Capital or we can bill the client’s
custodian for payment from client assets. Clients may select their preferred method of fee payment. We will
always send clients an invoice and an account statement each quarter.

Clients will incur other fees, in addition to the fees charged by Highland Capital. Broker-dealers will charge
commissions on each investment trade, which become part of the cost of the trade. Please review Item 12 for
more information about our brokerage practices.

Some custodians charge clients a custody fee. A description of this fee is included in the custody agreement.

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Highland Capital Management, LLC - Form ADV Part 2A                                           July 1, 2026

Highland Capital has a sub-advisory contract with an affiliate, Argent Trust Company (“ARGENT TRUST”) to
provide investment management services to some of ARGENT TRUST’s clients. ARGENT TRUST is
responsible for obtaining from client investment profile and investment guidelines. Highland will use these
guidelines to invest clients’ assets. Highland receives 30% of the fee charged to the client by ARGENT
TRUST.

Highland has a sub-advisory contract with ICC Capital Management Advisors (ICC). ICC provides investment
recommendations for clients of Highland that are investing in the Core Plus strategy. Highland pays ICC a
performance fee of 10% per annum. Highland receives 1.00% of the market value of the assets on clients
managed under this contract. Highland provides back office support for ICC. ICC reimburses Highland a fixed
fee for providing these services.

Item 7                Types of Clients

Highland Capital services institutional and individual clients. Our clients are individuals, high net worth
individuals, charitable organizations, state or municipal government entities, hospitals, 401K, pension and profit
sharing plans, corporations, businesses and trusts.

Highland Capital has account size minimums for most of its products. See Item 5 for a list of account
minimums.