Vest Financial LLC

ITEM 5          FEES AND COMPENSATION
Investment Advisory Services

Mutual Funds, Closed-end Funds, Private Funds, Variable Insurance Trusts, ETFs and Collective
Investment Trusts

As the adviser or sub-adviser to the Funds, Vest receives a management fee for its services, which is
assessed on the basis of assets under management at the rates described in each Fund’s prospectus or
similar investor disclosure. This fee is paid in accordance with our investment advisory agreement
or sub-advisory agreement applicable to the Fund. Fund investors will indirectly bear their pro rata

                                              Vest Financial
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share of the fees, expenses or charges described in the Fund’s prospectus or investor disclosure. Vest
may contractually agree to waive a portion of its fees for a specified period of time. Such fees,
expenses, and charges include, but are not limited to, fees incurred for legal, audit and custodial
services provided to the Funds, and transactions effected for the Funds such as brokerage and
execution charges, markups, and commissions. Actively managed mutual funds and ETFs will
generally have higher brokerage costs than passively managed mutual funds and ETFs. Additionally,
the First Trust Fund of Funds bear the acquired fund fees and expenses of the underlying ETFs in
which they invest.

Pursuant to §408(b)(2) of ERISA, Vest and other vendors providing services to a retirement plan or
its participants must disclose all direct and indirect compensation they will receive in exchange for
the services they provide to a retirement plan. To the extent a plan has entered into a contractual
agreement directly with Vest, Vest will disclose the services it will provide and the fee it will charge
for those services, which serves as its ERISA §408(b)(2) disclosure.

Portfolio Consulting Services and Sub-Supervision for UITs

Vest’s fees for portfolio consulting and supervisory services to UITs are generally assessed as an
amount per unit of UIT issued. The fee amount is calculated and paid one time at the close of the
initial offering period of each UIT.

Model Portfolios

As noted in Item 4, Vest does not charge a fee for the provision of the Model Portfolios. However,
as sub-adviser to First Trust ETFs that are included in the Model Portfolios, Vest receives sub-
advisory fees from the First Trust ETFs. Therefore, should the advisor/platform choose to invest
pursuant to the Model Portfolios, Vest is indirectly compensated as a result of the First Trust ETF
sub-advisory fees to Vest.

Separately Managed Accounts

Vest receives a fee for its services as sub-adviser to SMAs pursuant to the terms of the written
agreement, which is typically assessed on the basis of assets under management.

Additionally, for the synthetic borrow strategy executed through an SMA, Vest receives a fee
assessed quarterly on the basis of the absolute value of the premium generated from the options. This
fee is either assessed to investment advisers in accordance with the terms of the written sub-advisory
agreement between Vest and the adviser or deducted directly from the client’s account at their
custodian. See “Item 15 Custody” below for additional information on direct billing arrangements.

Other Compensation

Neither Vest nor any of Vest’s employees receive commissions based on their sales of securities or
other investment products.

ITEM 7          TYPES OF CLIENTS
The Firm in most circumstances provides advisory services to non-retail investors (e.g., registered
investment companies, pooled investment vehicles, institutional investors, and registered investment
advisers). Further, the Firm does not provide advisory services to any natural person unless that
person qualifies as an institutional investor, qualified purchaser, or is receiving services solely
through an institutional intermediary (e.g., an investment advisor or platform provider). Vest
generally does not engage with individual retail investors directly when providing investment
advisory services to them.

Mutual Funds, Closed-end Funds, Private Funds, Variable Insurance Trusts, ETFs, SMAs, and
Collective Investment Trusts

As discussed in Item 4, we provide advisory or sub-advisory services to Funds. Account and
investment minimums and all other terms, including expenses are detailed in the specific Fund’s
prospectus, Statement of Additional Information (“SAI”), investor disclosure or other operating
document, as applicable. Additionally, Vest provides non-discretionary sub-advisory services to
investment advisers of SMAs.

Portfolio Consulting Services and Sub-Supervision for UITs

Vest provides portfolio consulting and sub-supervisory services to UITs.

Model Portfolios

As noted in Item 4, Vest does not charge a fee for the provision of the Model Portfolios. However,
as sub-adviser to First Trust ETFs that are included in the Model Portfolios, Vest receives sub-
advisory fees from the First Trust ETFs. Therefore, should the advisor/platform choose to invest
pursuant to the Model Portfolios, they indirectly pay sub-advisory fees to Vest.