Diversified Management Inc

Fees and Compensation
    Description

    Diversified Management, Inc. (DMI)

    DM I bases its investment advisory fees on a percentage of assets under management. We
    do not sell commissioned based products.
    Investment advisory services are provided pursuant to a written investment advisory
    agreement between DMI and its clients. The fee schedule for investment advisory services
    is as follows:
            Assets Under Supervision                                    Annual Rate
            First $500,000                                                  1.25%
            Next $1,500,000 (between $500,000 and $2 million)               1.00%
            Next $2 million (between $2 million and $4 million)              .75%
            Next $6 million (between $4 million and $10 million)             .50%
            Above $10 million                                                .25%

     Fees for all accounts may be negotiated, subject to mutual approval of the client and DMI.
     Current client relationships may exist where the fees are higher or lower than the fee
     schedule above.

    Cream City Investment Services (CCIS)

    Our annual fees for the model portfolio management services through CCIS are a flat fee
    charge of 1% of assets under management.

    The minimum account size for CCIS clients is negotiable. In addition, CCIS may group
    certain related client accounts for purposes of calculating account size and determining the
    annualized fee.
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    Fee Billing

    DMI and CCIS investment management fees are billed quarterly (in arrears), as soon as
    practical after the end of the previous calendar quarter. Payment is expected upon generating
    the invoice, which is usually satisfied by deducting the fee from designated client accounts
    and directly depositing the monies in an account owned by DMI. Advisory fees will be shown
    on client account statements as payments are processed. Clients may request a copy of their
    invoice at any time. All clients must consent in advance to fee payment according to the
    terms of their Investment Advisory Agreement (IAA). Alternatively, clients have the option
    of paying the invoice by writing a personal check.
    Invoices for financial planning services are presented to the client and due upon delivery of
    the financial plan.
    Invoices for tax planning and preparation of returns are presented to the client after tax
    returns are filed or the planning service is completed.

    Other Fees

     DMI and CCIS generally prefer no-load mutual fund investments when providing
     investment advisory services. As a result of this, clients will pay two advisory fees; the fee
     charged by DMI or CCIS as well as the fee of the advisor to the mutual fund (whose
     fees/expense ratios are further described in the prospectuses).
     In addition, custodians may charge transaction fees on purchases or sales of investments
     including mutual funds, exchange-traded funds, stocks, bonds, and certificates of deposit.
     These service charges are usually small and incidental to the purchase or sale of a security.

    Fees Paid in Advance and Termination of Agreement
     DMI and CCIS do not charge fees in advance. All fees are for services already
     provided.

    Termination of the Advisory Relationship: A DMI or CCIS client agreement may be canceled
    at any time, by either party, for any reason upon receipt of 30 days written notice. However,
    we reserve the right to remit an invoice upon termination for services performed prior to
    termination.

    Compensation for the Sale of Securities

     Diversified Management, Inc., is a fee-only financial planning and investment management
     firm. We do not sell commissioned products.

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    Mutual Fund Fees

    All fees paid by DMI and CCIS clients 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. 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.

Types of Clients
    Description

    Our DMI clients are high net worth individuals, families, trusts, and estates.

    The minimum dollar value of assets accepted for supervision by DMI is $500,000. We
    reserve the right to waive that minimum for employees, relatives of employees, relatives
    of or referrals from existing clients, and/or if deposits to a new account will quickly lead
    to cumulative deposits exceeding $500,000.

    Our CCIS clients are typically individuals that do not meet the $500,000 minimum account
    level.

Methods of Analysis, Investment Strategies and Risk of Loss
    Methods of Analysis and Investment Strategies

    We use the following methods of analysis in formulating our investment advice for our
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    DMI clients and CCIS model portfolio clients: