Anderson Griggs & Company Inc

Item 5: Fees and Compensation
Investment Supervisory Services ("ISS") Individual Portfolio
Management Fees
The management fee schedule is expected to be determined pursuant to the
following schedule. Special situations may occur making it necessary to
designate a separate fee schedule for a specific individual or group of
accounts. The separate fee schedule if used will be included as part of the
management agreement. Management fees are incremental. Also refer to the
discussion of related accounts and fair market value below.

Focused Growth & Focused Balanced
Account Asset Value Total Annual Fee
1.3125% on the first $100,000 of assets
1.1250% on the next $100,000 of assets
0.9375% on the next $300,000 of assets
0.7500% on the next $4,500,000 of assets
Greater than $5,000,000 Management Fees are Negotiated

Capital Markets Balanced & Capital Markets Growth
Account Asset Value Total Annual Fee
1.7500% on the first $100,000 of assets
1.5000% on the next $100,000 of assets
1.2500% on the next $300,000 of assets
0.7500% on the next $4,500,000 of assets
Greater than $5,000,000 Management Fees are Negotiated

Billing: The above annual fee is billed quarterly at ¼ of the annual rate, in
arrears, based on the market value of assets in your account as of the last day
of each quarterly billing cycle. Traditionally, this quarterly cycle is the last
business day of March, June, September, and December. Fees will be debited
from the account in accordance with the client authorization in the
Investment Supervisory Services Agreement.

When the account is opened, the management fee is billed at the end of the
first quarterly billing cycle and is prorated as to the effective date of the
relationship and/or receipt of funds and securities. Cash flows throughout
the term of the agreement are pro-rated as to the date of receipt and/or
disbursement from the account. You can withdraw from the advisory
relationship at any time. Following the opening of your account, you have the
right to a full refund of fees charged for the initial (5) days following the date
of receipt of funds and/or securities.

Related Accounts: In certain circumstances, client financial goals or legal
restrictions may require the use of multiple accounts. Multiple accounts that
are individually owned are considered related for billing purposes. The term
'individually owned accounts' includes accounts that are registered in the
name of the individual owner, registered jointly with a spouse, individual
retirement accounts (IRAs) of the owner/spouse, self-directed accounts (i.e.,
directed by individual participants) under an employee benefit plan ("ERISA
plan"), ERISA plan accounts in which the individual is the sole participant,
personal trusts, and accounts of the immediate family's children. For

purposes of calculating the management fee, accounts meeting the criteria of
related accounts will be grouped to determine if a lower fee applies.

Fair Market Value: We urge you to review and verify your advisory fee
invoice for accuracy. To help in the verification process, all invoices for
advisory fees will include the market value of the account and the
calculations used to determine the fee.

Fair market value forthe purposes of computing the fee shall be determined
by valuing the assets as follows:

   • Cash shall be valued at face amount.
   • Notes, bonds and other debt instruments' current market value shall
     be determined on the basis of market quotations, or, if such quotations
     are not readily available, market value shall be determined based on
     coupon, maturity, rating, liquidity, industry factors and company
     factors.
   • Common stock and other equity securities including ETFs and closed
     end mutual funds shall have a value equal to their respective closing
     prices as quoted by the major stock exchanges on the last business day
     on which fair market value is being determined.
   • Open ended mutual funds values are calculated at Net Asset Value
     (NAV).
   • Interest shall be accrued to the last day on which fair market value is
     being determined.

Limited Negotiability of Advisory Fees: Although Anderson Griggs
Investments has established the aforementioned fee schedule(s), we retain
the discretion to negotiate alternative fees on a client-by-client basis. Client
facts, circumstances and needs are considered in determining the fee
schedule. These include the complexity of the client, assets to be placed
under management, anticipated future additional assets, related accounts,
portfolio style, account composition, and reports, among other factors. The
specific annual fee schedule is identified in the Investment Supervisory
Services Agreement between the adviser and each client.

Employees of Anderson Griggs Investments and their family members are
entitled to a lower management fee arrangement for their personal and
related accounts. Discounts, not generally available to our advisory clients,
are offered.

If special situations occur making it necessary to designate a separate fee
schedule for a specific individual or group of accounts, the separate fee
schedule will be included as part of the management agreement.

General Information
Termination of the Advisory Relationship: A client agreement may be
canceled at any time, by either party, for any reason upon receipt of 30 days
written notice. There is no penalty for terminating an account. Upon
termination, you will pay the amount of fees owed to Anderson Griggs from
the end of the last quarterly billing cycle through the date of termination.

ETF Fees: All fees paid to Anderson Griggs Investments for investment
advisory services are separate and distinct from the fees and expenses
charged by ETFs to their shareholders. These fees and expenses are
described in each fund's prospectus. ETF fees will generally include a
management fee and other fund expenses. You could invest in ETFs directly,
...

types of clients:

  • Individuals (other than high net worth individuals)
  • High net worth individuals
  • Charitable organizations

   • Trusts

At present, Anderson Griggs Investments targets accounts of at least
$100,000, but may accept accounts of lesser amounts at its discretion.