CQL Capital Management

Item 5. Fees and Compensation
Please refer to the "Advisory Business" section in this brochure for information on our
advisory fees, fee payment arrangements, and refund policy.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you
invest, in mutual funds, and exchange traded funds. The fees that you pay to our firm for
investment advisory services are separate and distinct from the fees and expenses charged
by mutual funds or exchange traded funds (described in each fund's prospectus) to their
shareholders, and the additional charges assessed by private funds (described in the
offering documents of the fund). These fees will generally include a management fee and
other fund expenses. You will also incur transaction charges and/or brokerage fees when
purchasing or selling securities. These charges and fees are typically imposed by the
broker-dealer or custodian through whom your account transactions are executed. We may
share in a portion of the brokerage fees/transaction charges imposed by the broker-dealer
or custodian. To fully understand the total cost you will incur, you should review all the fees
charged by mutual funds, exchange traded funds our firm, and others. Refer to the
Brokerage Practices section below for additional disclosure on this topic.

Item 7. Types of Clients
We offer investment advisory services to individuals, banks and thrift institutions, pension and
profit-sharing plans, trusts, estates, charitable organizations, corporations, pooled investment
vehicles and other business entities. In general, we require a minimum of $1,000,000 to open
and maintain an advisory account. At our discretion, we may waive this minimum account size.
For example, we may waive the minimum if you appear to have significant potential for
increasing your assets under our management.