A. DescriptionofServices GSIASoffersongoingportfoliomanagementservicesbasedontheclients’goals,objectives,time horizonandrisktolerance.GSIASparticipatesinandsponsorswrapfeeprograms,whichmeans GSIASwillwrapthirdpartyfees(i.e.,custodianfees,brokeragefees,mutualfundfees,transaction fees,etc.)forwrapfeeportfoliomanagementaccounts.GSIASwillchargeclientsonefeeandpayall transactionfeesusingthefeecollectedfromtheclient.Accountsparticipatinginthewrapfee programarenotchargedhigheradvisoryfeesbasedontradingactivity.
Certainotherfeesarenotincludedinthewrapfeeandarepaidforseparatelybytheclient.These include,butarenotlimitedto,margincosts,chargesimposeddirectlybyamutualfundorexchange tradedfund,deferredsalescharges,odd-lotdifferentials,transfertaxes,wiretransferandelectronic fundfees,andotherfeesandtaxesonbrokerageaccountsandsecuritiestransactions.
Thestandardfeescheduleissetforthbelow: TotalAccountValueTotalAnnualizedFee $0to$500,0002.00% $500,001to$1,000,0001.75% $1,000,001to$2,000,0001.50% $2,000,001to$3,000,0001.25% $3,000,001andup1.00% Unlessotherwisenoted,theannualfeeisnegotiablebetweenusandispayablemonthlyinarrears.
Thefeesarebasedonthemarketvalueoftheaccount(s)onthelastbusiness(trading)dayofthe previousmonth.Thefeeforportfoliomanagementwillbechargedasanannualpercentageofassets undermanagement,accordingtothescheduleshownforeachprogramorafeethatisotherwise negotiatedandagreeduponbyyouandyourIAR.Feesareproratedforanybillingperiodthatisless than a complete month, and the fee is adjusted proportionately based on the value of cash or securitiesaddedtoorwithdrawnfromtheaccountbetweenbillingperiods.Youraccountagreement withusauthorizesusandyouraccountcustodiantodeductfeesfromyourmanagedaccountandpay thefeesdirectlytous.Ifyouchoosetocloseyouraccountwithinthefirstyear(twelve-monthperiod), GSIASwillnotassessaterminationfee.
Schwab’sBrokerageServices.Inadditiontotheadvisoryservices,thewrapfeeprogramincludes certainbrokerageservicesofCharlesSchwab&Co.,Inc.(“Schwab”)abroker-dealerregisteredwith theSecuritiesandExchangeCommissionandamemberofFINRAandSIPC.Weareindependently ownedandoperatedandnotaffiliatedwithSchwab.Schwabwillactsolelyasabroker-dealerand notasaninvestmentadvisortoyou.Itwillhavenodiscretionoveryouraccountandwillactsolely oninstructionsitreceivesfromus[oryou].Schwabhasnoresponsibilityforourservicesand undertakesnodutytoyoutomonitorourfirm’smanagementofyouraccountorotherserviceswe providetoyou.Schwabwillholdyourassetsinabrokerageaccountandbuyandsellsecuritiesand executeothertransactionswhenwe[oryou]instructthemto.Wedonotopentheaccountforyou.
SEIPrivateTrustCompany(“SPTC”) AccountsheldatSEIPrivateTrustCompany(“SPTC”)arebilledmonthlyinarrears.Ourfeeis calculatedbasedonEndofPeriodMarketValueusingeachaccount’smarketvalueonthelastdayof thefeeperiod.Unlessotherwisespecifiedintheadvisoryagreement,GSIAS’feeswillbe automaticallydebitedfromtheclient’sinvestmentaccount.AllfeespaidtoGSIASforadvisory servicesareseparateanddistinctfromthefeesandexpenseschargedbymutualfundstotheir shareholders,orthosechargedtoclientsbyproductsponsorsorbyqualifiedcustodiansandsub- advisors.Qualifiedcustodians,suchasSPTC,alsochargeourclientsfeesfortheirservices.Fees chargedbySPTCdifferandtheirfeesmaybehigherorlowerthanatotherqualifiedcustodians.
B. CostFactors Theprogrammaycosttheclientmoreorlessthanpurchasingsuchservicesseparately.Thereare severalfactorsthatbearupontherelativecostoftheprogram,includingthetradingactivityinthe client’saccount,theadviser’sabilitytoaggregatetrades,andthecostoftheservicesifprovided separately (which in turn depends on the prices and specific services offered by different providers).
Awrapfeeisnotbaseddirectlyonthenumberoftransactionsinyouraccount.Variousfactors influencetherelativecostofourwrapfeeprogramtoyou,includingthecostofourinvestment advice,custodyandbrokerageservicesifyoupurchasedthemseparately,thetypesofinvestments heldinyouraccount,andthefrequency,typeandsizeoftradesinyouraccount.Theprogram could

cost you more or less than purchasing our investment advice and custody/brokerage servicesseparately.
C. AdditionalFees Clientswhoparticipateinthewrapfeeprogramwillnothavetopayfortransactionortrading fees.
ForclientswhoseassetsarecustodiedatAxos,GSS,anaffiliateofGSIAS,receivesafeefrom clients’participationintheInsuredDepositProgram(acashsweepaccountcalled“the Program.”).Thisfeepotentiallyreducesyourreturnonamountsheldincashinthisaccount.
Further,thissharedrevenuefromAxospresentsaconflictofinterest,orfinancialincentive, whenGSIASoritsrepresentativesrecommendthatclientsutilizeAxosastheirclearingfirmand custodianasopposedtoSPTCandSchwab,withwhomthereisnosharedrevenuearrangement forcashsweepprograms.Inordertomitigatethisconflictofinterest,clientsmaychoosetonot participateintheProgrambyselectinganalternatecashaccountoptionthatisprovidedinthe Axosaccountopeningpaperwork.ClientsmayalsochooseSPTCorSchwabasthecustodianfor theiraccount.TherevenuereceivedbyGSSfromAxosisnotsharedwithGSIASorGSIAS investmentadvisorrepresentatives.ThecashsweeparrangementwithAxosisalsodisclosedin theGSIASAdvisorAgreement,theGSIASClientRelationshipSummary,andintheImportant InformationandDisclosuresBrochurewhichallclientsreceiveonaccountopeningand periodicallythereafter.
Ourwrapfeecoversouradvisoryservicesandthebrokerageandexecutionservicesprovidedby Schwab.Asaresult,wehaveanincentivetoexecutetransactionsforyouraccountatSchwab.
Ourwrapfeedoesnotcoverallfeesandcosts.Thefeesnotincludedinthewrapfeeinclude chargesimposeddirectlybyamutualfund,indexfund,orexchangetradedfundwhichshallbe disclosedinthefund’sprospectus(i.e.,fundmanagementfeesandotherfundexpenses),mark- upsandmark-downs,spreadspaidtomarketmakers,fees(suchasacommissionormarkup)for tradesexecutedawayfrom[Schwab/Custodian]atanotherbroker-dealer,wiretransferfeesand otherfeesandtaxesonbrokerageaccountsandsecuritiestransactions.
FeesWePaySchwab.InadditiontocompensatingGSIASforadvisoryservices,thewrapfeeyou payGSIASallowsustopayforbrokerageandexecutionservicesprovidedbySchwab.
D. CompensationResultingfromClient’sParticipation NeitherGISAS,noranyadvisororrepresentativesofGSIASreceiveanyadditionalcompensation beyondadvisoryfeesfortheparticipationofclientsinthewrapfeeprogram,otherthanthose identified as separate fees, above. However, compensation received may be more than what wouldhavebeenreceivedifclientpaidseparatelyforinvestmentadvice,brokerage,andother services.Therefore,GSIASmayhaveafinancialincentivetorecommendthewrapfeeprogramto clients.
E. Representative Recruiting Incentives Incertaincases,We,andourrelatedbroker/dealerofferrepresentativescertainincentivestojoin ourFirmandtransfertheirclientaccountstous.Theseincentivesgenerallyincludeloanswhich maybeforgivenifcertainconditionsaremet;waiverofcertainfeesandcostsinestablishinganew branchlocationorothermonetaryandnon-monetaryincentives.Althoughtheseincentiveshave nodirectimpactonthefeesthatourclientsarecharged,theycancreateaconflictofinterestinthat therecommendationtomoveyouraccounttoourFirmmayhelptherepresentativemeettheterms ofanincentivethatwasofferedtothem,andisthereforenotadisinterestedrecommendation.
Aspartofourconflictmitigationprocess,wecollectinformationfromyouinordertofirstverify thatopeninganadvisoryaccountisanappropriaterecommendation,andthentoformulatearisk profileforyouraccounttohelpensureconsistencybetweeninvestmentrecommendationsand yourinvestmentobjectivesandrisktolerance.