LS Investment Advisors LLC

Item 5.   Fees and Compensation

          As compensation for our portfolio management services, we charge an advisory fee,
          which is stated as a percentage of our client’s assets under our management.
          Effective March 31, 2022, our standard advisory fee schedule is as follows:

            ANNUAL FEE            ASSETS UNDER MANAGEMENT
            0.95%                 On the first $2 million
            0.80%                 On the next $3 million
            0.60%                 On the next $5 million
            0.50%                 On value over $10 million

          The minimum annual fee is $10,000.

          Fees are negotiable. The specific fee charged will be agreed upon between the client
          and LSIA as described in the contract. Please note that the above does not include
          any fees or expenses within the individual investments that may be used or fees or
          costs required by custodian. Portfolio management fees are withdrawn directly from
          the client’s accounts with the client’s written authorization. Lower fees for
          comparable services may be available from other sources.

          The Firm does not require or routinely recommend the use of margin. However, if
          margin is utilized, the Firm’s advisory fee will be calculated on total assets including
          borrowed funds, which increases the Firm’s compensation.

          LSIA offers financial planning as part of the portfolio management services. This
          service is available as part of the fees for this service. No additional fee is added.

          See Item 12. Brokerage Practices below for more information regarding brokerage.

Item 7.   Types of Clients

          LSIA offers portfolio management services to high-net-worth individuals and families,
          including trusts and estates. LSIA also offers portfolio management services to
          institutional investors, such as charitable organizations, including foundations and
          endowments, pension and profit-sharing plans, insurance companies, and
          corporations.

LSIA                                                                                         PAGE 6

          LSIA does not have a minimum account size. Instead, all accounts are subject to a
          minimum fee, as described above under Item 5. Fees and Compensation.