Hill Investment Group Partners LLC

Item 5 – Fees and Compensation
Asset Management and Planning Fees
HIG manages investment portfolios for individuals, families, qualified retirement plans, trusts,
and small businesses, typically using a blended fee schedule based on the client’s assets under
management (“AUM”) with HIG. HIG generally requires a minimum annual fee of $5,000 for
investment management and financial planning services. Clients are typically billed according to
the following blended fee schedule:

                                     From                         To           %
                               $                 -        $      2,000,000    0.95
                               $       2,000,000          $      5,000,000    0.85
                               $       5,000,000          $      10,000,000   0.75
                               $       10,000,000         $   50,000,000+     0.55

Hillfolio, Hill, and Hilltop clients are billed quarterly in advance. HIG Institutional company
401(k) plans at Ascensus and ADP are billed quarterly in arrears.

Clients provide written limited authorization for HIG to deduct fees directly from client accounts
held by an independent custodian. 401(k) clients custodied at Ascensus and ADP are invoiced
quarterly in arrears, and employers provide written limited authorization for HIG to deduct fees
from accounts or to issue an invoice directly.

The specific fee rate for each client is set out in the client’s investment advisory agreement. At
HIG’s discretion, fees for certain clients may differ from the standard fee schedule above, including
in some cases due to waived minimum fees or legacy fee arrangements established under prior
agreements. Employees of HIG and their immediate family receive a preferred investment
management fee.
Additional Information: Hillfolio, Hill, Hilltop Family Office
Investment advisory fees are based on the period-ending market value of client accounts,
using values as of the last day of the month in the prior period, as provided by third-party
sources. Accrued interest, margin loan balances, and cash are usually included in billable
assets. Cash is treated as an asset class and managed as part of the portfolio. In some low-
interest-rate environments, HIG’s advisory fee may exceed the yield on cash. Occasionally,
cash is held temporarily for a specific purpose, and is excluded from billing.

Billing on margin loan balances presents a conflict of interest because HIG earns a higher fee when
those balances remain in the account, which creates a disincentive to encourage clients to reduce
or eliminate margin balances.

Client account balances used to calculate fees may vary slightly from custodial statements
because of differences in accrued interest calculations between the custodian and HIG’s account
reporting software.

All fees are calculated as described above and are not based on a share of capital gains or capital
appreciation in a client account.

HIG will request authority from the client to receive payments directly from the client’s account
held by an independent custodian. Clients provide written limited authorization for HIG to
deduct fees from the account.

Unearned fees are refunded when a client terminates the relationship with HIG. A client
agreement may be canceled at any time by either party, for any reason, upon 30 days’ written
notice. The official termination date is 30 days after written notice is given. Upon termination of
any account, prepaid unearned fees are promptly refunded on a pro rata basis.

All fees paid to HIG are separate from the fees and expenses charged by externally managed
investments, including external managers for separately managed accounts, ETFs, and mutual
funds. Those fees and expenses are described in the applicable prospectus or other offering
documents and generally include a management fee, other fund expenses, and, in some cases, a
distribution fee. A client could invest in ETFs or mutual funds directly without the services of HIG,
but in that case the client would not receive the services HIG provides, including helping
determine which ETFs or mutual funds are most appropriate for the client’s financial condition
and objectives. Some funds, including those offered by DFA, Bridgeway, Avantis, and AQR, may
also not be available directly to clients. Clients should review both the fees charged by the funds
and the fees charged by HIG to understand the total fees they will pay and to evaluate the
advisory services being provided.

HIG’s fees are separate from brokerage commissions and transaction fees. Clients may incur
charges imposed by custodians, brokers, and other third parties, including custodial fees, account
maintenance fees, transaction fees, deferred sales charges, odd-lot differentials, transfer taxes,
wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and
securities transactions. These charges are separate from and in addition to HIG’s fee. HIG and its
supervised persons do not receive any portion of these commissions, fees, or costs and are not
compensated for the sale of securities.

For Retirement Account Clients, including ERISA plans, ERISA plan participants, and IRAs,
additional conflicts of interest may arise that require HIG to comply with a statutory or
regulatory prohibited transaction exemption (“PTE”), such as PTE 77-4 or PTE 2020-02, in order
to enter into a transaction with or on behalf of the Retirement Account Client. For example, a
conflict arises if HIG recommends a rollover or other transfer of an account that results in the
payment of a fee to HIG. In that case, HIG relies on PTE 2020-02 to address the conflict.

For certain clients, HIG charges an advisory fee for services provided to the held-away accounts
described in Item 4, just as HIG does for client accounts held at HIG’s primary custodian(s). The
fees charged for managing held-away accounts are the same as the fees charged for managing
...

Item 7 – Types of Clients
HIG manages investment portfolios for investment companies registered under the Investment
Company Act, individuals, families, trusts, ERISA plans (also known as qualified retirement plans),
institutions, and small businesses. HIG generally requires a minimum annual fee of $5,000, which
includes investment management and education services.