CWA Asset Management Group LLC

Item 5: Fees and Compensation

 A. Fee Schedule

Investment Advisory Fees

The following table summarizes CWA’s current fee structure for investment advisory
services.

            Total Assets Under Management                   Annual Fee
         Up to $2,500,000                                      1.15%
         Next $2,500,000 ($2.5MM to $5MM)                      1.00%
         Next $10,000,000 ($5MM to $15MM)                      0.85%
         Next $10,000,000 ($15MM to $25MM)                     0.75%
         Next $10,000,000 ($25MM to $35MM)                     0.65%
         Next $10,000,000 ($35MM to $45MM)                     0.55%
         Any assets over $45,000,000                           0.50%

Investment advisory fees are negotiable depending upon the needs of the client and
complexity of the client’s situation, and the final fee schedule is attached to each
client’s IMA. In addition, certain legacy advisory clients pay fees according to a
different fee schedule, which could include fees of up to 1.75% of the first $1,000,000
of assets under management, and fees of up to 1.25% of any assets between $1,000,000
and $10,000,000.

Fees are calculated on the net asset value as of the end of the prior quarter of each
client’s account and paid quarterly in advance; provided, however, that: (i) certain
clients pay fees monthly at their request and (ii) certain ERISA plan clients pay in
arrears (as discussed below). The net asset value of a client’s account includes accrued
interest on bonds, and for accounts that utilize margin, the net asset value includes
the total account value, including the margin balance. Clients may terminate their
contracts with thirty days’ prior written notice.

For clients that pay fees in advance, refunds are given on a prorated basis, based on
the number of days remaining in a quarter at the point of termination. The point of
termination is the shorter of thirty-days of receiving notification or the end of the

quarter. The fee refunded will be the balance of the fees collected in advance minus
the daily rate times the number of days in the quarter up to and including the day of
termination. The “daily rate” is calculated by dividing the quarterly AUM fee by the
number of days in the termination quarter. No refunds will be issued for clients that
pay fees in arrears.

Clients may terminate their contracts without penalty, within 5 business days of
signing the advisory contract. Investment advisory fees are withdrawn directly from
the client’s account(s) with client written authorization.

Depending on each client’s unique circumstances and arrangements, CWA’s
management fees are exclusive of any fees, expenses, commissions, and other charges
assessed by third parties. Such third-party fees, expenses, commissions and/or
charges may include custodial fees, brokerage commissions (see Item 12 – Brokerage
Practices), transaction fees, third-party investment management fees, odd lot
differentials, transfer taxes, wire transfer and electronic fund fees, interest on margin
accounts, and other fees and taxes on brokerage accounts and securities transactions.
Mutual funds exchange traded funds are subject to their own respective expenses.
These fees, expenses, commissions, and other charges will be charged by the third
parties, such as qualified custodians, and reduce the net asset value of a client’s
account.

ERISA Program Fee Schedule – FEE SCHEDULE IS RELATED TO ERISA PLANS
ONLY

                   Plan Assets                           Annual Fee (%)
     Up to $1,000,000                                        1.00%
     Next $1,000,001 to $3,000,000                           0.75%
     Next $3,000,001 to $5,000,000                           0.60%
     Next $5,000,001 to $7,500,000                           0.55%
     Next $7,500,001 and above                               0.40%
     Other:                                                _______%

Fees payable from ERISA plan clients are paid to CWA either in advance or in arrears,
with proration for the initial quarter and partial periods (i.e., the client will make a
payment for partial period based on the number of days that the account is managed
during such period).

Additional Fees for Specialized CWA Strategies

Clients investing in CWA’s Capital Tax Advantage Strategy (“CTAS”), a tax
harvesting strategy, will pay .25 basis points charged quarterly in advance and
debited from the client’s account, in addition to the investment advisory fee paid to
CWA.

Private Fund Fees

Subject to disclosures in the CWA Private Fund’s respective Offering Documents,
CWA receives compensation from the CWA Private Funds consisting of (1) an annual
fixed fee (the “Management Fee”); and (2) an annual performance-based allocation
(the “Incentive Allocation”) which is calculated based upon a percentage of the net
capital appreciation of each CWA Private Fund at the end of each fiscal year subject
to a high-water mark. Generally, management fees for investing in the CWA Private
Funds range between 0.5 – 1.0%. Specific performance-based hurdles and Fund
expenses are disclosed in the CWA Private Funds’ respective governing documents.
Such fees will be deducted from an investor’s net asset value. CWA may, but is not
required to, reduce the Management Fee or Incentive Allocation with respect to any
limited partner in its sole discretion.

Note: As discussed above, while not an affiliated fund, certain persons associated
with CWA receive compensation related to investments in the FTIS Enhanced Liquid
Income Fund.

Independent Manager Fees

For clients whose assets are sub-advised by an Independent Manager, clients could
also be required to execute a separate management agreement and custodial account
with the Independent Manager selected by CWA to manage a portion of client assets
and will also be charged separate management fees by such Independent Manager in
...

Item 7: Types of Clients

CWA generally provides advisory services to the following types of clients:

    •   Individuals
    •   High-Net-Worth Individuals
    •   Family Offices
    •   Trusts and Estates
    •   Pensions and Profit-Sharing Plans

    •   Charitable Organizations
    •   Corporations and Other Business Entities
    •   Foundations
    •   Private Funds

CWA does not have a minimum account size for client accounts.