Davenport Watts & Drake Investment Advisors LLC

Item 5 - Fees and Compensation

A Description
  DAVENPORT WATTS & DRAKE INVESTMENT ADVISORS, LLC bases its
  fees on a percentage of assets under management.
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                  Davenport Watts & Drake Investment Advisors

   DAVENPORT WATTS & DRAKE INVESTMENT ADVISORS, LLC, in its sole
   discretion, may charge a lesser investment advisory fee based upon certain
   criteria (e.g., historical relationship, type of assets, anticipated future earning
   capacity, anticipated additional assets, related accounts, account
   composition, negotiations with clients, etc.)
   Financial plans are priced according to the degree of complexity associated
   with the client’s situation.
   All fees are negotiable.

B Fee Billing
  Investment management fees are billed monthly, in arrears, meaning that we
  invoice clients after the billing period has ended. Fees are deducted directly
  from accounts, and clients give consent in advance to the billing process
  through their IASA. Clients are encouraged to compare fees itemized on their
  custodial investment statements to their fee agreement.
   If charged, fees for financial plans are due upon delivery of the financial plan.
C Other Fees
  Custodians may charge transaction fees on trades of securities. No part of
  these fees is received by DAVENPORT WATTS & DRAKE INVESTMENT
  ADVISORS, LLC.
D Prepaid Fees/Refunds
  As client fees are paid in arrears, there are no prepaid fees and/or refunds
  due.
E Davenport Watts & Drake Investment Advisors, LLC and its related persons
  do not accept compensation for the sale of securities or other investment
  products.

Past Due Accounts and Termination of Agreement
  As fees are drawn directly from clients’ investment accounts, there are no
  past due accounts.
   However, DAVENPORT WATTS & DRAKE INVESTMENT ADVISORS, LLC
   reserves the right to terminate any financial planning engagement where a
   client has willfully concealed or refused to provide pertinent information about
   financial situations when necessary and appropriate, in DAVENPORT
   WATTS & DRAKE INVESTMENT ADVISORS, LLC’s judgment, to providing
   proper financial advice.

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                  Davenport Watts & Drake Investment Advisors

Item 7 - Types of Clients

   Description
   DAVENPORT WATTS & DRAKE INVESTMENT ADVISORS, LLC provides
   investment advice to individuals, businesses, qualified retirement plans,
   trusts, or charitable organizations.
   Client relationships vary in scope and length of service.
   Account Minimums
   The minimum account size is $50,000.00 of assets under management.
   DAVENPORT WATTS & DRAKE INVESTMENT ADVISORS, LLC has the
   discretion to waive the account minimum.