Humilis Investment Strategies LLC

Item 5. Fees and Compensation
      HIS offers services on a fee basis, which includes fixed fees, as well as fees based upon assets under
      management.

      Investment Management Fees

      HIS offers investment management services for an annual fee based on the amount of assets under the
      Firm’s management. This management fee varies between 8 and 30 basis points (0.08% – 0.30%),
      depending upon the size and composition of the sub-advisory relationship and the characteristics of the
      model portfolio.

      The terms of the fee, including the timing, is generally dependent on the Underlying Adviser, or quarterly,
      in arrears if the Underlying Adviser does not have a preference. The market value of the assets is
      determined by a party independent from the Firm (including the client’s custodian or another third-party).
      The Firm includes cash in a client’s account in determining the valuation for billing purposes. The Firm
      may, in its sole discretion, not include cash in determining the fee, especially where a client has a high
      percentage of cash for reasons other than the Firm's investment management decision.

      For the initial period of an engagement, the fee is calculated on a pro rata basis. In the event the advisory
      agreement is terminated, the fee for the final billing period is prorated through the effective date of the
      termination and the outstanding or unearned portion of the fee is charged or refunded to the client, as
      appropriate.

      Fee Discretion

      HIS may, in its sole discretion, negotiate to charge a lesser fee based upon certain criteria, such as
      anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be
      managed, related accounts, account composition, pre-existing/legacy client relationship, account retention,
      pro bono activities, or competitive purposes.

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 Disclosure Brochure                                           Humilis Investment Strategies, LLC

      Additional Fees and Expenses

      In addition to the advisory fees paid to HIS, clients also incur certain charges imposed by other third parties,
      such as broker-dealers, custodians, trust companies, banks and other financial institutions (collectively
      “Financial Institutions”). These additional charges include securities brokerage commissions, transaction
      fees, custodial fees, margin and other borrowing costs, charges imposed directly by a mutual fund or ETF
      in a client’s account, as disclosed in the fund’s prospectus (e.g., fund management fees and other fund
      expenses), 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. The Firm’s brokerage practices
      are described at length in Item 12, below.

      Direct Fee Debit

      Clients can pay the Firm directly or provide HIS with the authority to directly debit their accounts for
      payment of the investment advisory fees. The Financial Institutions that act as the qualified custodian for
      client accounts, from which the Firm retains the authority to directly deduct fees, have agreed to send
      statements to clients not less than quarterly detailing all account transactions, including any amounts paid
      to HIS.

      Account Additions and Withdrawals

      Clients can make additions to and withdrawals from their account at any time, subject to HIS’s right to
      terminate an account. Additions can be in cash or securities provided that the Firm reserves the right to
      liquidate any transferred securities or declines to accept particular securities into a client’s account. Clients
      can withdraw account assets on notice to HIS, subject to the usual and customary securities settlement
      procedures. However, the Firm designs its portfolios as long-term investments and the withdrawal of assets
      may impair the achievement of a client’s investment objectives. HIS may consult with its clients about the
      options and implications of transferring securities. Clients are advised that when transferred securities are
      liquidated, they may be subject to transaction fees, short-term redemption fees, fees assessed at the mutual
      fund level (e.g., contingent deferred sales charges) and/or tax ramifications.

      Research and Consulting Fees

      HIS charges a fixed fee for research and consulting services. These fees are negotiable, depending upon
      the scope and complexity of the services and the professional rendering the services. The fee can be for a
      defined project, such as the delivery of a plan, or for ongoing services. The terms and conditions of the
      research and/or consulting engagement are set forth in an Advisory Agreement.

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 Disclosure Brochure                                         Humilis Investment Strategies, LLC

Item 7. Types of Clients
      HIS offers sub-advisory services to investment advisers or other financial institutions as well as research
      and consulting services to other individual or institutional clients.