Chapman & Chapman Advisors LLC

Item 5 - Fees and Compensation

                                          Portfolio Advisory Fees

 The annual fee for portfolio advisory services is charged as a percentage of assets under advisement,
 according to the following schedule:

                       Assets Under Advisement                 Annual Fee (%)

                        $1          - $500,000                       1.40%

                        $500,001    - $1,000,000                     1.30%

                       $1,000,001 - $2,000,000                       1.20%

                       Over $2,000,000                              Negotiable

 Our advisory fee is paid quarterly in advance. The quarterly fee percentage is 1/4th of the above
 annual fee. The fee is deducted from client accounts at the beginning of each calendar quarter based
 upon the market value of the client's account at the end of the previous quarter. In any partial calendar
 quarter, the advisory fee is pro rata based on the number of days that the account was open during
 the quarter. If the client terminates his or her advisory contract before the end of the quarter, he or
 she shall receive a pro-rata refund based upon the number of days remaining in the billing period. The
 specific advisory fee is identified in our contract with the client.

 The advisory fee is the sole source of compensation for our advisory activities. We receive no
 commissions, trails, sales charges, or 12b-1 fees as a result of client security transactions.

 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, reports, and other factors. We may group
 certain related client accounts to determine the annualized fee. Discounts, not generally available to
 our advisory clients, may be offered to family members and friends of associated persons of our firm.

 We may directly debit advisory fees from the client account held at Schwab (the independent
 custodian) if the following conditions are met:
    •   The client provides written authorization permitting us to instruct Schwab to debit the quarterly
        advisory fee directly from the client's account. This authorization will also specify the
        percentage and the methodology that will be used to calculate the advisory fee.

    •   Schwab sends the client a monthly statement, indicating all amounts disbursed from the client
        account including the amount of any advisory fee paid directly to us. The advisory fee is a
        separate line item on the Schwab statement.

    •   We inform the client that it is the client's responsibility to verify the accuracy of the fee
        calculation and that the independent custodian will not determine whether the fee is properly
        calculated.

 Upon execution of an Agreement between us and the client, we will provide the Portfolio Advisory
 services mutually agreed upon.
                                                   ~6~

                                         Financial Planning Fees

 Our financial planning fee is based upon 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 are calculated and charged on a fixed fee basis, typically ranging from
 $300 to $500 per hour, depending on the specific arrangement reached with the client.

 We may request a retainer upon completion of our initial fact-finding session with the client; however,
 advance payment will never exceed $1,200 for work that will not be completed within six months. The
 balance is due upon completion of the plan.

 The client is billed quarterly in arrears based on actual hours accrued.

                                            General Information

 A client agreement may be canceled at any time, by either party, for any reason upon receipt of 30
 days written notice. As disclosed above, advisory fees are paid in advance of services provided. Upon
 termination of any account, any prepaid unearned fees will be promptly refunded.

 All fees paid to Chapman & Chapman Advisors LLC 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. If the fund also imposes
 sales charges, a client may pay an initial or deferred sales charge. We do not share in these fees,
 expenses or charges. 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, the client should review both the fees charged
 by the funds and our fees to fully understand the total amount of fees to be paid by the client and to
 thereby evaluate the advisory services being provided.

 In addition to our advisory fee, clients are also responsible for the fees and expenses charged by
 custodians and imposed by broker dealers, including, but not limited to, any transaction charges
 imposed by a broker dealer with which an independent investment manager effects transactions for
 the client's account(s). Please refer to the "Brokerage Practices" section (Item 12) for additional
 information.

 Clients should note that similar advisory services may (or may not) be available from other registered
...

Item 7 - Types of Clients

 Chapman & Chapman Advisors LLC 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)

     •   Corporations or other businesses not listed above