Cedar Spring Advisors LLC

Item 5: Fees and Compensation
Method of Compensation and Fee Schedule
 ASSET MANAGEMENT
 CSA offers discretionary and non-discretionary direct asset management services to
 advisory Clients. CSA charges an annual investment advisory fee based on the total assets
 under management as follows:

                                     Cedar Spring Advisors, LLC

          Assets Under Management                     Annual Fee             Monthly Fee
                $0 to $100,000                          1.50%                 .1250%
        The next $100,001 to $500,000                   1.25%                 .1042%
       The next $500,001 to $1,000,000                  1.00%                 .0833%
          Amounts over $1,000,001                       0.75%                 .0625%
This is a blended fee schedule, the asset management fee is calculated by applying different
rates to different portions of the portfolio. CSA may group certain related Client accounts for
the purposes of achieving the minimum account size and determining the annualized fee.
For example, a Client with $750,000 under management would pay $9,000 on an annual
basis.
First $100,000 x 1.5% = $1,500
Next $400,000 x 1.25% = $5,000
Next $250,000 x 1.0% = $2,500
The annual fee may be negotiable based upon certain criteria (e.g., service level, historical
relationship, type of assets, anticipated future earning capacity, anticipated future additional
assets, dollar amounts of assets to be managed, related accounts, account composition,
negotiations with Clients, etc.).
Fees are billed monthly in arrears based on the amount of assets managed as of the close of
business on the last business day of the previous month. Lower fees for comparable services
may be available from other sources. Clients may terminate their account within five (5)
business days of signing the Investment Advisory Agreement with no obligation and without
penalty. Clients may terminate advisory services with thirty (30) days written notice. For
accounts opened or closed mid-billing period, any unpaid earned fees will be due to CSA.
Client shall be given thirty (30) days prior written notice of any increase in fees. Any increase
in fees will be acknowledged in writing by both parties before any increase in said fees
occurs.
SEI Managed Account Solutions
For the SEI Managed Account Solutions (MAS) program CSA charges an annual investment
advisory fee based on the total assets under management as follows:
  Assets Under Management                CSA Annual Fee            CSA Quarterly Fee
  Up to $500,000                         1.00%                     0.250%
  $500,001 to $1,000,000                 0.85%                     0.2125%
  Over $1,000,000                        0.70%                     0.175%
The annual fee may be negotiable.
SIMC’s advisory fee schedule for MAS range from .10% to 1.25%. Certain Clients may receive
a fee discount, at the sole discretion of SIMC. These fees may be higher or lower than those
charged by other investment advisors for similar services. SIMC may pay a portion of this fee
to the portfolio manager acting as the account's Overlay Manager or retain the fee itself if it
is serving as the Overlay Manager.

                                    Cedar Spring Advisors, LLC

To the extent a Client’s assets in MAS are invested in SEI Funds, SIMC and its affiliates will
earn fund-level fees on those assets, as set forth in the applicable Fund’s prospectus but SIMC
will offset the fees set forth above on MAS assets invested in any SEI Fund.
Fees for SEI Funds
Each SEI Fund pays an advisory fee to SIMC that is based on a percentage of the portfolio's
average daily net assets, as described in the mutual fund’s prospectus. From such amount,
SIMC pays the sub-advisor(s) to the SEI Fund. SIMC’s fund advisory fee varies, but it typically
ranges from .10% - 1.50% of the portfolio's average daily net assets for its advisory services.
Additionally, affiliates of SIMC provide administrative, distribution and transfer agency
services to all of the portfolios within the SEI Funds, as described in the SEI Funds’ 10
registration statements. These fees and expenses are paid by the SEI Funds but ultimately
are borne by each shareholder of the SEI Funds.
SEI Mutual Fund Models Program and SEI Funds
For the SEI Mutual Fund Models program CSA charges an annual investment advisory fee
based on the total assets under management as follows:
  Assets Under Management                CSA Annual Fee          CSA Quarterly Fee
  Up to $500,000                         1.00%                   0.250%
  $500,001 to $1,000,000                 0.85%                   0.2125%
  Over $1,000,000                        0.70%                   0.175%
The annual fee may be negotiable.
Each SEI Fund pays an advisory fee to SIMC that is based on a percentage of the portfolio's
average daily net assets, as described in the mutual fund’s prospectus. From such amount,
SIMC pays the sub-advisor(s) to the fund. SIMC’s fund advisory fee varies, but it typically
ranges from .10% - 1.50% of the portfolio's average daily net assets for its advisory services.
Affiliates of SIMC provide administrative, distribution and transfer agency services to all of
the portfolios within the SEI Funds, as described in the SEI Funds’ registration statements.
These fees and expenses are paid by the SEI Funds but ultimately are borne by each
shareholder of the SEI Funds. If a Client invests in a model available through the Mutual Fund
Models Program, the Client will be charged the expense ratios of each of the SEI Funds
included in the applicable model. Clients may have the option to purchase certain SEI
investment products, including the SEI Funds, that SIMC recommends through other brokers
or agents not affiliated with SIMC. Clients may also pay custody fees to SEI Private Trust
Company (“SPTC”) when their assets are custodied at SPTC. These fees will vary depending
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Item 7: Types of Clients
Description
 CSA generally provides investment advice to individuals, high net worth individuals and
 charitable organizations.
 Client relationships vary in scope and length of service.
Account Minimums
 CSA does not require a minimum to open an account.