Invex Next LLC

Item 5 Fees and Compensation
Portfolio Management Services
Our annual fee for portfolio management services varies between 1.00% to 2.00% depending upon the
market value of your assets under our management, the type and complexity of the asset management
services provided, as well as the level of administration requested either directly or assumed by the
client. Fees are negotiable on a client-by-client basis and may be raised or lowered beyond the limits
stated above by Invex Next. Assets in each of your account(s) are included in the fee assessment
unless specifically identified in writing for exclusion.

Our investors are charged a management fee based on a percentage of assets under management
pursuant to the managed account agreement, calculated and payable on a monthly basis. Our annual
portfolio management fee is billed and payable monthly, in arrears, based on the balance at end of
billing period.

If the portfolio management agreement is executed at any time other than the first day of a calendar
month, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
proportion to the number of days in the month for which you are a client. Our advisory fee is negotiable
with each customer prior to signing the agreement, depending on individual client circumstances.

Investors who have engaged the firm to provide investment advisory services on a managed account
basis are eligible to terminate the managed account agreement on 45 days prior written notice. You
will incur a pro rata charge for services rendered prior to the termination of the portfolio management
agreement, which means you will incur advisory fees only in proportion to the number of days in the
month for which you are a client.

At our discretion, we may combine the account values of family members living in the same household
to determine the applicable advisory fee. For example, we may combine account values for you and
your minor children, joint accounts with your spouse, and other types of related accounts. Combining
account values may increase the asset total, which may result in your paying a reduced advisory fee
based on the available breakpoints in our fee schedule stated above.

We encourage you to reconcile our invoices with the statement(s) you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statement(s) you
receive from the qualified custodian, call our main office number located on the cover page of this
brochure.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment
advisory services are separate and distinct from the fees and expenses charged by mutual funds or
exchange traded funds (described in each fund's prospectus) to their shareholders. These fees will
generally include a management fee and other fund expenses. You will also incur transaction charges
and/or brokerage fees when purchasing or selling securities. These charges and fees are typically
imposed by the broker-dealer or custodian through whom your account transactions are executed. We
do not share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
refer to the Brokerage Practices section of this brochure.

Dually-Registered Investment Adviser Representatives
Persons providing investment advice on behalf of our firm are investment adviser representatives with
Invex Advisors LLC, an affiliated investment adviser. For additional information about the
compensation we receive, see Item 10 - Other Financial Industry Activities and Affiliations.

Compensation for the Sale of Securities or Other Investment Products
Persons providing investment advice on behalf of our firm are registered representatives with Invex,
LLC, a securities broker-dealer, and a member of the Financial Industry Regulatory Authority and the
Securities Investor Protection Corporation. In their capacity as registered representatives, in certain
circumstances, these persons may receive compensation in connection with the purchase and sale of
securities or other investment products, including asset-based sales charges, service fees or 12b-1
fees for the sale or holding of mutual funds. Compensation earned by these persons in their capacities
as registered representatives is separate from our advisory fees. Invex Next does not utilize the
services of Invex, LLC, thereby greatly reducing or eliminating the potential conflict of interest raised by
multiple compensation streams from dually registered individuals. Persons providing investment advice
to advisory clients on behalf of our firm can select or recommend, and in many instances will select or
recommend, mutual fund investments in share classes that pay 12b-1 fees when clients are eligible to
purchase share classes of the same funds that do not pay such fees and are less expensive. This also
presents a conflict of interest as these recommendations may carry additional fees and/or have other
features taken into account by Invex Next not directly related to asset profitability. Please refer to the
Methods of Analysis, Investment Strategies and Risk of Loss and Brokerage Practices sections of this
brochure for further discussions on these risks and conflicts of interests. You are under no obligation,
contractually or otherwise, to purchase securities products through any person affiliated with or
recommended by our firm who receives compensation described above. For additional information
about the compensation we receive, see Item 10 - Other Financial Industry Activities and Affiliations.

Item 7 Types of Clients
Invex Next provides investment advisory services on a managed account basis to individuals,
individual high net worth investors, families, trusts, and estates.

In general, we require a minimum of $50,000 to open and maintain an advisory account. At our
discretion, we may waive this minimum account size. For example, we may waive the minimum if you
appear to have significant potential for increasing your assets under our management.