Hunter Perkins Capital Management LLC

Item 5. Fees & Compensation
Our services to Advisory Accounts is limited to providing
                                                                       Advisory Accounts: We do not charge Advisory Accounts
investment advice on a non-discretionary basis and
                                                                       any fees. Clients pay Schwab per-trade commissions as
coordinating client directives with Charles Schwab & Co.,
                                                                       agreed in their Schwab Agreements generally ranging from
Inc. (“Schwab”), the custodian for the Advisory Accounts.
                                                                       $0 - $25 for execution services. Clients may also incur a
The extent of our services can be tailored to a client’s
                                                                       variety of other charges and expenses associated with their
needs. Clients enter into an agreement with us (the “HCM
                                                                       account at Schwab. Certain investments held in clients’
Agreement”), under which we provide them with advisory
                                                                       accounts have their own fees and charges imposed directly
services. Clients also enter into an agreement with Schwab
                                                                       by a mutual fund, index fund, or exchange traded fund
(the “Schwab Agreement”), under which Schwab provides
                                                                       which are disclosed in the fund’s prospectus (i.e., fund
clients with custodial services and executes transactions as
                                                                       management fees and other fund expenses), fees for trades
directed by the client.
                                                                       executed away from the custodian, mark-ups and mark-
Private Funds: Among other services explained in this                  downs, spreads paid to market makers, wire transfer fees
Advisory Services Brochure, we may from time to time                   and other fees and taxes on brokerage accounts and
develop, offer and manage privately-offered investment                 securities transactions. If a client elects to invest in the
funds (“Private Funds”) that have varying investment                   Mutual Fund we separately manage, the client will pay the
objectives and strategies, and those strategies may differ             Mutual Fund’s expenses (including the management fee we
considerably from those we recommend under the                         charge the Mutual Fund) as a shareholder.
Program. Each Private Fund’s objectives, fees, risks and
                                                                       Private Funds: Our compensation from a given Private
conflicts of interest are discussed in the fund’s offering
                                                                       Fund will vary and is explained in its Offering Documents.
memorandum (“Memorandum”), and its terms set by its
                                                                       Typically we will earn a management fee and may also earn
governing documents (such as a limited partnership
                                                                       a performance-based fee from the Private Fund. In the case
agreement or operating agreement, the “Governing
                                                                       of the Subadvised Fund, we earn a share of the
Documents,” together with the Memorandum, the
                                                                       performance fee paid to the Subadviser. Management fees
“Offering Documents”). A given Private Fund may invest
                                                                       are typically based upon a Private Fund’s net asset value.
in a broad range of securities or may pursue other
                                                                       We and/or our affiliates may earn additional fees from a
strategies. One Private Fund (the “Subadvised Fund”)
                                                                       given Private Fund, as described in the fund’s Offering
employs a subadviser (“Subadviser”) to manage a portion
                                                                       Documents.
of its assets in commodity interests. As may be provided in
a given Private Fund’s Offering Documents, we may provide              Private Funds are each responsible for their own fees and
discretionary or more limited advice to a Private Fund.                expenses, such as audit expense, tax accounting and
                                                                       preparation, K-1 reporting, brokerage, legal fees, and other
Private Funds are expected to be only suitable for investors
                                                                       fund operating expenses.
with no or a limited need for liquidity in their investment, for
whom an investment in the Private Fund does not constitute             Registered Fund:        The Mutual Fund’s prospectus
a complete investment program, and for those who fully                 describes its fees and expenses, as well as the method by
understand the Private Fund’s risks, fees and conflicts of             which our advisory fees are calculated by the Mutual Fund.
interest.