Verity and Verity LLC

Item 5 Fees and Compensation
For the investment management services provided, VIM charges a fee to its clients. Fees are generally
quoted on an annualized basis as a percentage of the client’s assets under management. Our standard
fees and minimum account size are set forth below. The fee schedules stated below are all negotiable
and vary by investment strategy, product type, account size, customization requirements and required
service levels. Our standard fees and minimums for our service types are as follows:

           Service Type                             Fee                               Minimum
            Sub-Advisor                       50 BPS / 0.50%                          $100,000
     Third Party Asset Manager                50 BPS / 0.50%                          $100,000
           Model Delivery                     30 BPS / 0.30%                            None
           Direct Contract                        Custom                               Custom

Verity & Verity, LLC

Basis Point Fee (BPS) amounts are an annual fee billed based on the assets under management. The
advisory fees charged by VIM are confirmed in writing in the client’s (or their intermediary’s) investment
advisory/sub-advisory agreement with us. Fees are typically charged as a percentage of the client
portfolio’s AUM as of the last business day of the quarter, but we may agree with clients to other billing
methodologies, including average monthly or daily valuation or billing in advance as deemed appropriate
by us and memorialized in our agreement.

Verity Investment Management may enter into various advisory agreements with investment advisers
and other financial intermediaries or platforms with respect to investment programs they offer. Typically,
we negotiate fees with the intermediaries, and not with individuals participating in such programs.
Payment for our Fees is typically facilitated based on these contracts and may be incorporated into other
fees charged by the intermediary.

Fees for Direct Contract clients vary and are reflected in the Investment Management Contract with our
firm.

In cases where we deduct our fee directly from accounts through the qualified custodian holding the
funds and securities, we will deduct our advisory fee only when we have written authorization permitting
the fees to be paid directly from the account. Further, the qualified custodian will deliver an account
statement to the account owner at least quarterly. These account statements will show all disbursements
from the account.

You may terminate any agreement with us at any time based on the termination clause of the agreement.
You will incur a pro rata charge for services rendered prior to the termination of the agreement, which
means you will incur advisory fees only in proportion to the number of days in the quarter for which you
are a client.

Additional Fees and Expenses
Our fees are exclusive of platform fees, investment marketplace fees, separate investment adviser fees,
brokerage commissions, transaction fees, and other related costs and expenses. Clients are responsible
for certain charges imposed by custodians, broker-dealers and other third parties, including but not
limited to: fees charged by other investment advisors, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, withholding fees, country tax or delivery fees, wire transfer and electronic
fund fees, and other fees and taxes on brokerage accounts and securities transactions.

We do not share in any portion of the fees charged by any outside party including brokerage
fees/transaction charges imposed by the broker-dealer or custodian. To fully understand the total cost
an account 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, please refer to the "Brokerage
Practices" section of this brochure.

Item 7 Types of Clients
VIM provides portfolio management services to a range of client types which can include: individuals;
high net-worth individuals; corporations; corporate pension and profit-sharing plans; charitable
institutions, foundations and endowments; registered investment companies; trust programs; other
investment advisers; or other U.S. and international institutions. In general, we require a minimum of
$100,000 to open and maintain an SMA account. Verity Investment Management, in its sole discretion,
may charge a lesser investment management fee and/or waive the minimum account size.