DCM Advisors LLC

Item 5: Fees and Compensation

All DCM asset-based advisory fees are subject to negotiation. The specific manner in which DCM charges fees is
established in a client’s written agreement with DCM and may be payable in advance or in arrears. Depending on
the services provided, a particular client may pay a blended fee rate. DCM does not offer fixed fee accounts.

The following types of fees will be assessed:

Asset-Based Compensation
DCM generally charges each client an investment management fee based on the value of the client’s assets
under management, in accordance with the following schedules:

DCM All Cap Strategy

                                                       Investment Management Fee (As
    Assets in the Account                              an annual percentage of total assets)
    First $5,000,000                                                  0.80%

    Next $10,000,000 Next                                             0.75%
    $25,000,000                                                       0.68%
    Next $40,000,000                                                  0.60%
    Remainder                                                         0.52%

DCM Large Cap Value Strategy

                                                       Investment Management Fee (As
    Assets in the Account                              an annual percentage of total assets)

    First $25,000,000                                                 0.75%
    Remainder                                                         0.60%

Where DCM acts as a sub-advisor to third parties through a dual contract, its fees are typically lower than the
amounts stated above. Additionally, for individualized asset management services, the fee is negotiable but
generally varies between (0.50% and 1.20%), depending on the size and composition of a client’s portfolio and
the type of services rendered.

DCM generally deducts its investment management fee directly from clients’ assets. Certain investment advisory
agreements provide that a client may pay DCM fees by check. The investment management fees are generally
charged each quarter in advance based on the total market value of the assets in the client account including net
unrealized appreciation or depreciation of investments on the first day of the quarter. In certain instances, these
fees are charged in arrears. If a new client account is established during a quarter or a client makes an addition to
its account during a quarter, the investment management fee will be prorated for the number of days remaining
in the quarter, it is charged as of the effective date of the investment management agreement or the date of the
additional contribution, based on the value of the assets as of the applicable date. If a client makes a partial
withdrawal during a quarter, no portion of the prepaid investment management fee will be refunded. Accounts
initiated or terminated during a calendar quarter will be charged a prorated fee. Upon termination of any account,
any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable.

DCM may, in its sole discretion, negotiate to charge a lesser fee based upon certain criteria, such as anticipated
future earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related
accounts, account composition, pre-existing client relationship, account retention, pro bono activities and whether
the client is DCM’s employee or an employee of an affiliate.

Copley Fund Compensation

As compensation for DCM’s advisory services, The Copley Fund pays DCM an advisory fee equal to an
annualized rate of 0.65% of the average daily net assets of the Copley Fund. DCM is not entitled to receive any
performance-based fees or allocations with respect to the Copley Fund.

DCM generally may terminate the advisory agreement with the Copley Fund at any time upon 60 days’ prior
written notice to the Trust and the Copley Fund. In addition, the advisory agreement may be terminated at any
time by (i) a vote of the board of trustees of the Trust or (ii) a vote of a majority of the outstanding voting securities
of the Copley Fund upon 60 days’ prior written notice to DCM.

Wealth Advisory Compensation

Fees are charged quarterly in advance unless otherwise agreed and are based primarily on asset size and the level
of complexity of the services provided. In individual cases, DCM retains sole discretion to negotiate fees that are
different from the standard fee shown or to waive fees. Fees are not based on the share of capital gains or capital
appreciation of the funds or any portion of the funds. We believe DCM’s fees are reasonable, but comparable
services for lower fees may be available from other sources. Fees for the initial quarter will be prorated based
upon the number of calendar days in the calendar quarter that the advisory agreement is in effect. Fees are based
on the market value of the assets on the last business day of the previous quarter. Fees are negotiable and annual
fees generally range from 0.50% to 1.25% depending on the amount of assets under management (“AUM”) – See
chart below. Consulting services are included in these fees for asset management services with the exception of
unique circumstances that may require a separate agreement for financial planning services (description and fees
are discussed below). If the situation warrants separate financial planning fees, it will be discussed upfront, and a
separate agreement will be negotiated.

 Fee Schedule for Wealth Advisory:

     Total Account Value                                                   Maximum Annual Advisory Fee
     $0 - $3,000,000                                                       1.25%
     $3,000,001 or more                                                    0.50%

As authorized in the client agreement, the account custodian will collect DCM’s advisory fees directly from the
...

Item 7: Types of Clients

DCM provides customized asset management solutions for individuals, High Net Worth Individuals, Investment
Companies, Pension & profit-sharing plans, Charitable organizations and Corporations. DCM also manages
money for individuals, institutions and investment companies seeking its expertise in various investment
strategies. The minimum relationship size varies depending on the investment strategy and level of service.
Generally, we require the following minimum investment amount:

                                           Strategy                        Minimum
                           DCM All Cap                                    $1,000,000
                           DCM U.S. Large Cap Value                       $1,000,000

With respect to clients for whom DCM manages separately managed accounts and provides wealth advisory
services, DCM generally requires that clients invest and maintain a minimum of $100,000 to open an account. If
the account size falls below the minimum requirement due to market fluctuations only, a client will not be required
to invest additional funds with us to meet the minimum account size. DCM may, in its sole discretion, accept
clients with smaller portfolios based upon certain criteria, including anticipated future earning capacity,
anticipated future additional assets, the dollar amount of assets to be managed, related accounts, account
composition, pre-existing client, account retention, and pro bono activities. DCM may aggregate the portfolios of
family members to meet the minimum portfolio size.

With respect to the Copley Fund, the stated minimum initial investment is $1,000, and the minimum subsequent
investment is $100.