Capital Management Associates Inc

Item 5      Fees and Compensation
                               INVESTMENT SUPERVISORY SERVICES
                            INDIVIDUAL PORTFOLIO MANAGEMENT FEES

Our annual fees for Investment Supervisory Services are based upon a percentage of assets
under management and generally range from .1% to 2%, and/or a fixed fee generally ranging
from $250 to $10,000.

The annualized fee for Investment Supervisory Services will be charged as a percentage of
assets under management. Capital Management Associates, Inc. retains the discretion to
negotiate fees on a client-by-client basis. Client facts, circumstances and needs will be
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, reports, among other factors. The specific annual fee
schedule will be identified in the contract between the adviser and each client. Advisory fees
may be paid directly by the client or directly debited to the clients advisory account.

                           INVESTMENT SUPERVISORY SERVICES
                              MANAGED ACCOUNT PROGRAM

Our fee, which typically ranges from .1% to 1%, depending on the size of the account, is not
included in the asset manager's annual management fee.

For a complete description of the fee arrangement including billing practices, minimum
account requirements and account termination provisions, clients should review the
independent investment

adviser's Firm Brochure or other disclosure document.

A minimum of assets under management may be required for this service by the manager.
This account size may be negotiable under certain circumstances.

Fees Billed in Advance or Arrears: Our advisory fees will be charged in one of two ways as
agreed upon with the client:

•   In advance: Advisory fees are billed in advance at the beginning of a quarter(based upon
    the month the contract is signed) based upon the asset value (market or fair market value
    in the absence of market value, plus any credit balance or minus any debit balance), of
    the client's account equity at the end of the previous quarter.

•   In arrears: Advisory fees are billed in arrears at the end of each quarter based upon the
    asset value (market or fair market value in the absence of market value), of the client's
    account at quarter-end.

When authorized by the client, fees will be debited from the account in accordance with the
terms set forth in the Client Management Agreement.

                       PORTFOLIO MANAGEMENT SERVICES FEES

Our annual fees for Portfolio Management Services are based upon a percentage of assets
under management and generally range from .1% to 2%, and/or a fixed fee generally
ranging from $250 to $10,000.

The annualized fee for Portfolio Management Services will be charged as a percentage of
assets under management, as a fixed fee, or negotiated on a case-by-case basis. Overall
factors to be considered will include the type and amount of assets to be managed and the
complexity of the client’s circumstances. Capital Management Associates retains the
discretion to negotiate fees on a client-by-client basis. Client facts, circumstances and needs
will be 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, reports, among other factors. The specific
annual fee schedule will be identified in the contract between the adviser and each client.
Advisory fees may be paid directly by the client or directly debited from the clients advisory
account.

                                FINANCIAL PLANNING FEES

Capital Management Associates, Inc.'s Financial Planning fees will be determined based on
the nature of the services being provided and the complexity of each client’s circumstances.
All fees are agreed upon prior to entering into a contract with any client.

Our Financial Planning fees may be calculated and charged on an hourly basis, ranging from
$100 to $500 per hour. Although the length of time it will take to provide a Financial Plan will
depend on each client's personal situation, we will provide an estimate for the total hours at
the start of the advisory relationship.

Our Financial Planning fees can also be calculated and charged on a fixed fee basis.

Financial Planning Fee Offset: Capital Management Associates, Inc. reserves the
discretion to reduce or waive the hourly fee and/or the minimum fixed fee if a financial
planning client chooses to engage us for our Portfolio Management Services.

                                  GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement can be canceled at any
time, by either party, for any reason upon receipt of 30 days written notice. As disclosed
above, certain fees are paid in advance of services provided. Upon termination of any
account, any prepaid, unearned fees will be promptly refunded. In calculating a client’s
reimbursement of fees, we will pro rate the reimbursement according to the number of days
remaining in the billing period.

Mutual Fund Fees: All fees paid to Capital Management Associates, Inc. for investment
advisory services are separate and distinct from the fees and expenses charged by mutual
funds and/or 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. A client could invest in a mutual fund directly, without our
services. In that case, the client would not receive the services provided by our firm 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,
...

Item 7      Types of Clients
Capital Management Associates, Inc. provides advisory services to the following types of
clients:

•   Individuals (other than high net worth individuals)

•   High net worth individuals

•   Pension and profit sharing plans(other than plan participants)

•   Charitable organizations

•   Corporations or other businesses not listed above