Tevis Investment Management LLC

ITEM	5.	FEES	AND	COMPENSATION

    Our	Firm	offers	investment	management	services	for	an	annual	fee	based	on	the	amount	of	assets	under
    management.	Our	maximum	annual	fee	is	1.75%,	and	we	have	a	minimum	account	size	of	$500,000.	We
    retain	the	right	to	waive	the	minimum	account	size	at	our	discretion.

    Our	annual	fee	is	reasonable	in	relation	to	(1)	the	services	provided	and	(2)	the	fees	charged	by	other
    investment	advisers	offering	similar	services/programs.

    Comprehensive	Portfolio	Management

                Maximum	Fee	Schedule
                Assets	Under	Management	                         Annual	Percentage	of	Assets	Charge
                $0	to	$500,000	                                  1.75%
                $500,001	to	$1,000,000	                          1.50%
                $1,000,001	to	$3,000,000	                        1.25%
                $3,000,001	to	$10,000,000	                       1.10%
                Over	$10,000,000	                                Negotiable

    Our	firm’s	fees	are	billed	on	a	pro-rata	annualized	basis	quarterly	in	advance	based	on	the	value	of	your

account	on	the	last	day	of	the	previous	quarter.	Fees	will	be	automatically	deducted	from	your	managed
account.	In	rare	cases,	we	will	agree	to	direct	bill	clients.	The	initial	fee	is	due	on	the	first	of	the	calendar
quarter	following	the	day	the	account	is	funded	and	is	prorated	according	to	the	number	of	days
remaining	in	the	calendar	quarter.

Thereafter,	the	quarterly	fee	is	based	on	the	account	asset	value	on	the	last	day	of	the	respective

calendar	quarter.	Fees	are	calculated	by	first	calculating	the	annual	fee	and	then	pro-rating	by	the
number	of	days	in	the	quarter	(actual/365).

Our	firm’s	fees	are	billed	on	a	pro-rata	annualized	basis	quarterly	in	advance	based	on	the	value	of	your
account	on	the	last	day	of	the	previous	quarter.

In	addition	to	our	advisory	fee,	you	will	pay	custody,	brokerage	and	transaction	costs	charged	by	your
custodian	or	broker.	Investments	such	as	mutual	funds	and	ETFs	bear	their	own	internal	expenses.	We
do	not	receive	any	portion	of	these	fees.	You	can	find	more	information	about	transaction	costs	and	fund
expenses	in	your	custodial	agreement	and	in	fund	prospectuses

Independent	Managers
In	addition	to,	Clients	pay	25	basis	points	to	75	basis	points	of	the	overall	advisory	fee	to	Independent
Managers	for	their	services,	the	Independent	Manager	will	deduct	their	fee	from	client	accounts
quarterly	in	arrears	based	on	the	value	of	the	account	on	the	last	business	day	of	the	quarter.

Financial	Planning	and	Consulting
Financial	Planning	and	Consulting	services	are	included	in	the	advisory	fees	listed	above	for
Comprehensive	Portfolio	Management.

Your	independent	custodian	sends	statements	at	least	quarterly	to	you	showing	all	disbursements	for
your	account,	including	the	amount	of	the	advisory	fees	paid	to	us;	and

You	provide	authorization	permitting	us	to	be	directly	paid	by	these	terms.

Clients	may	incur	transaction	charges	for	trades	executed	in	their	accounts.	These	transaction	fees	are
separate	from	our	fees	and	will	be	disclosed	by	the	firm	that	the	trades	are	executed	through.

    ADMINISTRATIVE	SERVICES	PROVIDED	BY	ADVYZON	TECHNOLOGIES
    Our	Firm	has	contracted	with	Advyzon	Technologies	to	utilize	its	technology	platforms	to	support
    data	reconciliation,	performance	reporting,	fee	calculation,	client	relationship	maintenance,
    quarterly	performance	evaluations,	and	other	functions	related	to	managing	Client	accounts'
    administrative	tasks.	Due	to	this	arrangement,	Advyzon	will	have	access	to	client	accounts,	but
    Advyzon	will	not	serve	as	an	investment	advisor	to	our	clients	or	bill	the	accounts.	Advyzon	charges
    our	firm	an	annual	fee	for	each	account	administered	by	its	software.	Please	note	that	our	Firm’s
    annual	fee	to	Advyzon	will	not	increase	the	Client's	fee.	Our	firm	will	pay	the	annual	fee	from	the
    portion	of	the	management	fee	retained	by	Our	Firm.	Our	Firm	and	Advyzon	are	non-affiliated
    companies.

ADDITIONAL	FEES	&	EXPENSES

In	addition	to	the	advisory	fees	paid	to	our	Firm,	Clients	also	incur	certain	charges	imposed	by	other
third	parties,	such	as	broker-dealers,	Custodians,	trust	companies,	banks,	and	other	financial
institutions.	These	additional	charges	include	securities,	transaction	fees,	custodial	fees,	fees	charged	by

the	SMA,	ITPM,	and	Manager	charges	imposed	by	a	mutual	fund	or	ETF	(Exchange	Traded	Funds)	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.	Our	brokerage
practices	are	described	at	length	in	Item	12	below.	Neither	our	Firm	nor	its	supervised	persons	accept
commission	compensation	for	selling	securities	or	other	investment	products.	Further,	we	do	not	share
any	additional	fees	and	expenses	outlined	above.

Our	Firm’s	investment	strategies	may	include	mutual	and	exchange-traded	funds	(“ETFs”).	Our	policy	is
to	purchase	institutional	share	classes	of	those	mutual	funds	selected	for	the	Client’s	portfolio.	The
institutional	share	class	generally	has	the	lowest	expense	ratio.	The	expense	ratio	is	the	annual	fee	that
all	mutual	funds	or	ETFs	charge	their	shareholders.	It	expresses	the	percentage	of	assets	deducted	each
fiscal	year	for	funds	expenses,	including	12b-1	fees,	management	fees,	administrative	fees,	operating
costs,	and	all	other	asset-based	costs	incurred	by	the	fund.	Some	fund	families	offer	different	classes	of
the	same	fund,	and	one	share	class	may	have	a	lower	expense	ratio	than	another.	Mutual	fund	expense
ratios	are	in	addition	to	our	fees;	we	do	not	receive	any	portion	of	these	charges.	If	an	institutional	share
class	is	not	available	for	the	mutual	fund	selected,	the	adviser	will	purchase	the	least	expensive	share
...

ITEM	7.	TYPES	OF	CLIENTS

Our	Firm	provides	investment	management,	investment	advice,	financial	planning,	consulting	and
advisement,	and	third-party	portfolio	management	to	individuals,	high-net-worth	individuals,	families,
trusts,	retirement	plans,	and	pension	and	profit	sharing	plans.

Our	firm	requires	a	minimum	account	value	of	$500,000	for	advisory	services.	Clients	have	the	option	to
aggregate	all	household	accounts	to	meet	this	minimum.	Exceptions	to	the	minimum	account

requirement	may	be	granted	based	on	the	Client's	relationship	with	their	representative.

For	fee	calculation	purposes,	unless	instructed	otherwise,	we	will	automatically	aggregate	related	client
accounts,	a	practice	commonly	known	as	"householding"	portfolios.	Householding	may	result	in	lower
fees	than	if	each	account	were	billed	separately,	as	the	combined	value	is	used	to	determine	the	account
size	and	the	corresponding	annualized	fee.