Highland Consulting Associates Inc

Item 5       Fees and Compensation

                    FEES FOR INVESTMENT ADVISORY SERVICES AND
                     INSTITUTIONAL RETIREMENT PLAN CONSULTING

 Our annual fees for Investment Advisory Services are generally based on a percentage of
 assets under management and vary based on the scope of the engagement. Fixed fee
 arrangements may be negotiated.

 Clients are invoiced in advance at the beginning of each calendar quarter based upon the
 value of the client's account at the end of the previous quarter.

 A minimum level of assets under management is generally required for this service. This
 account size may be negotiable depending on certain circumstances. Highland may group
 together certain related client accounts for the purposes of achieving the minimum account
 size and determining the annualized fee.

                           FEES FOR FAMILY WEALTH SERVICES

 Our fees for Family Wealth Services are generally based upon a percentage of assets or a
 fixed fee. The fee will vary based upon the scope of the engagement. The specific fee

schedule is identified in the contract between the Highland and each client. Some clients may
be charged on an hourly basis.

Clients are typically invoiced in advance at the beginning of each calendar quarter based
upon the fee schedule identified in the contract.

                                 GENERAL INFORMATION

Termination of the Advisory Relationship: Generally, a client agreement may be canceled
at any time, by either party, for any reason upon receipt of 90 days written notice. As
disclosed above, certain fees are paid in advance of services provided. Upon termination of
any account, any prepaid, unearned fees will be promptly refunded. In calculating a client’s
reimbursement of fees, we will pro rate the reimbursement according to the number of days
remaining in the billing period.

Limited Negotiability of Advisory Fees: Highland retains the discretion to negotiate fees on
a client-by-client basis. Client facts, circumstances and needs are considered in determining
the fee structure. These include the complexity of the client, assets to be placed under
management, anticipated future additional assets, related accounts, portfolio style, account
composition, and reports, among other factors. The specific annual fee schedule is identified
in the contract between the adviser and each client. Discounts, not generally available to our
advisory clients, may be offered to family members and friends of associated persons of our
firm.

Mutual Fund Fees: All fees paid to Highland for investment advisory services are separate
and distinct from the fees and expenses charged by mutual funds and/or ETFs. 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 a mutual fund directly, without our services. In that case, the client would not receive
the services provided by our firm which are designed, among other things, to assist the client
in determining which mutual fund or funds are most appropriate to each client's financial
condition and objective. Accordingly, the client should review both the fees charged by the
funds and our fees to fully understand the total amount of fees to be paid by the client and to
thereby evaluate the advisory services being provided.

ERISA Accounts: Highland is deemed to be a fiduciary to advisory clients that are employee
benefit plans or individual retirement accounts (IRAs) pursuant to the Employee Retirement
Income and Securities Act ("ERISA"), and regulations under the Internal Revenue Code of
1986 (the "Code"), respectively. As such, our firm is subject to specific duties and obligations
under ERISA and the Internal Revenue Code that include among other things, restrictions
concerning certain forms of compensation. To avoid engaging in prohibited transactions,
Highland may only charge fees for investment advice. As mentioned previously, Highland
receives no commissions, 12b-1 fees, finder’s fees or any other form of compensation from
any mutual fund company. Our revenues are derived entirely from fees paid directly to us
from our clients.

 Additional Fees and Expenses: In addition to our advisory fees, clients are also
 responsible for the fees and expenses charged by custodians and imposed by broker
 dealers, including, but not limited to, any transaction charges imposed by a broker dealer with
 which an independent investment manager effects transactions for the client's account(s).

 Please refer to the "Brokerage Practices" section (Item 12) of the Form ADV for additional
 information.

 Direct Fee Deduction: Highland may deduct fees directly from client accounts when
 authorized by the client.

 Advisory Fees in General: Clients should note that similar advisory services may (or may
 not) be available from other registered (or unregistered) investment advisers for similar or
 lower fees.

 Limited Prepayment of Fees: Under no circumstances do we require or solicit payment of
 fees in excess of $1200 more than six months in advance of services rendered.

Item 7       Types of Clients
 Highland provides services to the following types of clients:

 Investment Advisory Services:
    Foundations and Endowments
    Charitable Organizations
    Insurance Companies
    Corporations or other businesses not listed above

 Institutional Retirement Plan Consulting Services:
    Defined Benefit
    Defined Contribution Plans

 Family Wealth Services:
    High Net Worth Individuals
    Individuals

 As previously disclosed in Item 5, our firm has established certain initial minimum account
 requirements based on the nature of the service(s) being provided. For a more detailed
 understanding of those requirements, please review the disclosures provided in each
 applicable service.