Ackerman Asset Management LLC

Item 5: Fees and Compensation
A.     Fee Schedules

                                         Portfolio Management Services

A maximum annual fee of 1.50% for portfolio management services will be charged as a percentage of assets
under management. These fees are negotiable. Fees are paid quarterly in advance, no earlier than at the
beginning of each calendar quarter based upon the value (market value or fair market value in the absence of
market value), of the client’s account at the end of the previous calendar quarter.

For any single deposit or withdrawal occurring during a calendar quarter, AAM will perform a pro-rata fee
adjustment. This adjustment is calculated based on the number of days the specific funds were held in the
account during the quarter. For deposits, a supplemental fee will be assessed for the remaining days in the
quarter from the date of the deposit. For withdrawals, a credit will be issued for the remaining days in the
quarter from the date of the withdrawal. These adjustments are typically reflected as a line item on
the subsequent quarter’s billing statement.

Advisory fees are not reduced to offset transaction costs charged by custodians. Please refer to Item 12 for a
description of brokerage practices.

                                               Consulting Services

Consulting fees will be charged using one of the following methodologies: a) at an hourly rate of $300; or b) as
a fixed dollar fee.

                                             Retirement Plan Services

Clients who engage AAM for Retirement Plan Services will be assessed a maximum fee of 1.00% per annum on
the assets maintained by participants in their retirement plan accounts. The fee is negotiable at AAM’s

       Ackerman Asset Management LLC                                                           Page 6 of 17

discretion. Fees are paid quarterly in advance, no earlier than at the beginning of each calendar quarter based
upon the value (market value or fair market value in the absence of market value), of participant accounts at the
end of the previous calendar quarter. Advisory fees are not reduced to offset transaction costs charged by
custodians. AAM may charge clients with larger account balances a flat, asset-based fee or fixed dollar fee for
retirement plan services. It should be noted that fee payment frequency and calculations can be impacted by the
plan’s recordkeeper.

B.     Negotiability of Fees

AAM may offer discounted rates to its employees and their families as well as to institutional and very high net
worth clients with substantial account balances. Clients that had a pre-existing relationship with the President
of AAM at his previous firm may have lower fees in some cases, as well as clients of the firm prior to January 1,
2009. In addition, certain client-specific cash management portfolios may be excluded from advisory services
and thus not be charged a fee. This will be evaluated on a case by case situation.

C.     Fee Calculation

The fee charged is calculated as described above and is not charged on the basis of a share of capital gains or
capital appreciation of the funds or any portion of the funds of an advisory client (Section 205(a)(1) of the
Investment Advisers Act of 1940).

D.     Termination of Advisory Relationship

A client agreement may be canceled at any time, by either party, for any reason upon receipt of 30 days prior
written notice. Refunds are given on a prorated basis, based on the number of days remaining in a quarter at the
point of termination. Clients may terminate their contracts without penalty, for full refund, within 5 business
days of signing the advisory contract. In the event of withdrawal of funds or the termination of any account, any
fees, commissions, or other expenses associated with rebalancing or liquidating the account holdings may be
assessed to the client's account.

E.     Mutual Fund, ETF and Other Third-Party Fees

Clients are responsible for the payment of all third-party fees (i.e. custodian fees, mutual fund and ETF fees,
transaction fees, etc.). Retirement plan recordkeepers frequently charge services fees to participants account for
certain services. For example, a fee for a check distribution or a fee to implement and maintain a loan on a
participant’s account. Those fees are separate and distinct from the fees and expenses charged by AAM.

All fees paid to AAM for investment advisory services are separate and distinct from the fees and expenses
charged by mutual funds and ETFs to their shareholders. These fees and expenses are described in each fund's
prospectus. These fees will generally include a management fee, other fund expenses, and a possible distribution
fee. If the fund also imposes sales charges, a client may pay an initial or deferred sales charge. A client could
invest in mutual funds or ETFs directly, without the services of AAM. In that case, the client would not receive
the services provided by AAM which are designed, among other things, to assist the client in determining which
mutual fund or funds are most appropriate to each client's financial condition and objectives. Accordingly, the
client should review both the fees charged by the funds and the fees charged by AAM to fully understand the
total amount of fees to be paid by the client and to thereby evaluate the advisory services being provided.

       Ackerman Asset Management LLC                                                             Page 7 of 17

F.      Payment of Fees

                    Payment of Portfolio Management Fees and Retirement Plan Services Fees

AAM's fees are typically deducted from client accounts, in advance, at or near the beginning of each calendar
quarter (as described previously in Item 5.A.). AAM may directly debit advisory fees from the client account if
the following conditions are met:

     1. The client provides written authorization permitting AAM's fees to be paid directly from the client's
...

Item 7: Types of Clients
AAM generally provides advisory services to the following types of clients: individuals, high-net-worth
individuals, pension and profit-sharing plans, trusts, or other business entities.

                                              Minimum Account Size

AAM generally imposes a minimum portfolio size of $500,000 for new clients. Exceptions to the minimum
portfolio level may be separately negotiated on a case-by-case basis. AAM may continue to service existing
accounts that have values that are below the minimum.

        Ackerman Asset Management LLC                                                             Page 8 of 17