First Dallas Securities, INC.

First Dallas Securities does not charge a separate management fee. Instead, they are compensated through commissions, transaction charges, 12b-1 fees, and other brokerage charges. All transactions are placed through First Dallas Securities as a broker-dealer. Clients pay commissions plus transaction fees for each transaction. A ticket charge of $13.95 per trade is applied, consisting of a $10 ticket charge and a $3.95 transaction fee. The minimum to establish an advisory account is $100,000, but they may accept smaller accounts at their discretion. Commission rates are not considered negotiable, but the firm reserves the right to voluntarily waive, lower, or discount any commissions or other charges.