McElhenny Sheffield Capital Management LLC

5 (Fees and Compensation)
                             MSCM Investment Advisory Agreement for Qualified Re rement Plans:
                               Appointment of Investment Adviser; Limita on of Liability and
                               Indemnifica on, Investment Policy Statement
  Direct Compensa on       Generally, an annual fee for services is nego able and assessed monthly.
                           Compensa on is defined in the Fee Schedule sec on of the MSCM
                           Investment Advisory Agreement for Qualified Re rement Plans.
                           Reference:
                             MSCM Form ADV Part 2A Brochure: Item 5 (Fees and Compensation)
                             MSCM Investment Advisory Agreement for Qualified Retirement Plans:
                                Fees and Expenses, Fee Schedule
 Indirect Compensa on      MSCM recommends investments on a discre onary basis that include a
                           registered investment company for which MSCM serves as sub-adviser (the
                           “Fund”). Plans inves ng in the Fund will pay the Fund’s advisory fees and
                           other expenses and will not pay management fees to MSCM for such assets
                           under management. The Fund’s sub-advisory fee is payable to MSCM and
                           indirectly to certain related persons responsible for managing the Fund.

                      Reference:
                       MSCM Form ADV Part 2A Brochure: Item 5 (Fees and Compensation,
                          Other Fees and Expenses)
 Compensa on Paid     MSCM recommends investments on a discre onary basis that include the
Among Related Par es Fund. Plans inves ng in the Fund will pay the Fund’s management fees and
                      other expenses and will not pay investment advisory fees to MSCM for such
                      assets under management. The Fund’s sub-advisory fee is payable to MSCM
                      and indirectly to certain related persons responsible for managing the Fund.
                      Reference:
                       MSCM Form ADV Part 2A Brochure: Item 5 (Fees and Compensa on, Other
                          Fees and Expenses)
  Transac on-Based    Certain transac on and custodial costs are not covered by the MSCM
    Compensa on       investment advisory fee and are the responsibility of the Plan.
                      Reference:
                       MSCM Form ADV Part 2A Brochure: Item 5 (Fees and Compensa on, Other
                          Fees and Expenses), Item 12 (Brokerage Prac ces)
                       MSCM Investment Advisory Agreement for Qualified Re rement Plans:
                          Fees and Expenses, Schedule of Fees
 Compensa on Upon     Either party may terminate the Agreement pursuant to the terms of the MSCM
     Termina on       Investment Advisory Agreement for Qualified Re rement Plans.
                      Reference:
                       MSCM Investment Advisory Agreement for Qualified Re rement Plans:
                          Termina on, Fees and Expenses, Schedule of Fees
    Recordkeeping     MSCM does not provide recordkeeping services to the Plan and receives no
       Services       compensa on for recordkeeping.
 Manner of Receipt of Advisory fees are received pursuant to the terms agreed upon in the MSCM
    Compensa on       Investment Advisory Agreement for Qualified Re rement Plans. Indirect
                      compensa on, if applicable, is received in the manner in which its described
                      in the Form ADV Part 2A Firm Brochure.
                      Reference:
                       MSCM Form ADV Part 2A Brochure: Item 5 (Fees and Compensa on)
                       MSCM Investment Advisory Agreement for Qualified Re rement Plans:
                           Fees and Expenses, Schedule of Fees
     Requests for     The Plan Fiduciary may request addi onal informa on regarding any
Addi onal Informa on disclosure herein by contac ng MSCM at (214) 922-9200 or info@MSCM.net.

Item 7    Types of Clients
MSCM, in its sole discre on, manages Clients with different objec ves, higher or lower fees and different
fee structures than what is described in this Brochure. MSCM provides investment management services
to individuals, high net worth individuals, businesses and other ins tu ons or en es, including
Re rement Accounts, primarily through Separately Managed Accounts over which MSCM has discre on.
MSCM also provides financial planning services for Clients, serves as a sub-adviser to other investment
advisers, and offers Model Por olios to other investment advisers and financial pla orms.
There are no material limita ons and no minimum requirements for Separately Managed Account Clients
to open an account or establish an advisory rela onship. Separately Managed Accounts will be managed

in accordance with the investment objec ves, guidelines, restric ons, and other informa on provided by
the Separately Managed Account Client to MSCM in the Suitability Ques onnaire, which is included in the
IMA.
Notwithstanding any provisions in the IMA, Clients have certain non-waivable rights under federal and
state securi es laws and certain other laws, including but not limited to, MSCM’s fiduciary duty to Clients
as provided by the Advisers Act (Client’s “Reserved Rights”). Nothing in the IMA shall be deemed to waive
any of the Reserved Rights or any remedies afforded to the Client under federal or state securi es laws.
MSCM charges Qualified Clients a Performance-Based Fee with respect to certain strategies, such as
MSCM’s Trend X strategy. However, to comply with SEC Rule 205-3, MSCM will only charge a Performance-
Based Fee to Qualified Clients.