Doheny Asset Management LLC

Item 5       Fees and Compensation
                                    PORTFOLIO MANAGEMENT
                            INDIVIDUAL PORTFOLIO MANAGEMENT FEES

The annualized fee for Investment Supervisory Services are charged as a percentage of
assets under management, according to the following schedule:

Standard Fee Schedule:
    •   0.85% of the total assets under management
Fixed Income Only Schedule:
    •   0.50% on the first $5 million
    •   0.45% on the next $5 million
    •   0.40% on amounts in excess of $10 million
Tax Exempt Fixed Income Only (Municipals):

    •   0.35% annually

On a case-by-case basis, Doheny Asset Management, LLC determines an appropriate fee
structure based on the size, complexity and investment objectives of the client's account.
Fee arrangements may include a combination of a management fee and incentive fee, or
may be solely limited to a management fee or an incentive-based fee. The terms and
conditions of the fee structure are mutually agreed upon prior to entering into an advisory
agreement.

Account Management Fees: Doheny Asset Management, LLC typically charges a fee for
account management that is calculated and paid as a percentage of the assets under
management. The Account Management Fee is calculated at an annual rate not to exceed
1.00%. Fees are calculated on a quarterly basis, and are payable in advance based on the
value of the account(s) as of the beginning of each billing period. The Account
Management Fee is prorated for periods less than a full billing cycle.

Limited Negotiability of Advisory Fees: Although Doheny Asset Management, LLC has
established the aforementioned fee schedule(s), we retain the discretion to negotiate
alternative fees on a client-by-client basis. Client facts, circumstances and needs are
considered in determining the fee schedule. These include the complexity of the client,
assets to be placed under management, anticipated future additional assets; related
accounts; portfolio style, account composition, reports, among other factors. The specific
annual fee schedule is identified in the contract between the adviser and each client.

We may group certain related client accounts for the purposes of achieving the minimum
account size requirements and determining the annualized fee.

Discounts, not generally available to our advisory clients, may be offered to family members
and friends of associated persons of our firm.

                                 GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement may be canceled at any
time, by either party, for any reason upon receipt of written notice from the client. Upon
termination of any account, any prepaid, unearned fees will be promptly refunded. In
calculating a client’s reimbursement of fees, we will pro rate the reimbursement according
to the number of days remaining in the billing period

Mutual Fund Fees: All fees paid to Doheny Asset Management, LLC 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.

Additional Fees and Expenses: In addition to our advisory fees, clients are also
responsible for the fees and expenses charged by custodians and imposed by broker
dealers, including, but not limited to, any transaction charges imposed by a broker dealer
with which an independent investment manager effects transactions for the client's

account(s).
Please refer to the "Brokerage Practices" section (Item 12) of this Form ADV for additional
information.

ERISA Accounts: Doheny Asset Management, LLC is deemed to be a fiduciary to
advisory clients that are employee benefit plans or individual retirement accounts (IRAs)
pursuant to the Employee Retirement Income and Securities Act ("ERISA"), and
regulations under the Internal Revenue Code of 1986 (the "Code"), respectively. As such,
our firm is subject to specific duties and obligations under ERISA and the Internal Revenue
Code that include among other things, restrictions concerning certain forms of
compensation. To avoid engaging in prohibited transactions, Doheny Asset Management,
LLC may only charge fees for investment advice about products for which our firm and/or
our related persons do not receive any commissions or 12b-1 fees, or conversely,
investment advice about products for which our firm and/or our related persons receive
commissions or 12b-1 fees, however, only when such fees are used to offset Doheny
Asset Management, LLC's advisory fees.

Advisory Fees in General: Clients should note that similar advisory services may (or may
not) be available from other registered (or unregistered) investment advisers for similar or
lower fees.

Limited Prepayment of Fees: Under no circumstances do we require or solicit payment of
fees in excess of $1200 more than six months in advance of services rendered.

Item 7      Types of Clients

Doheny Asset Management, LLC provides advisory services to the following types of clients:

•   Individuals (other than high net worth individuals)

•   High net worth individuals

•   Pension and profit sharing plans(other than plan participants)

•   Charitable organizations

•   Corporations or other businesses not listed above

As previously disclosed in Item 5, our firm has established certain initial minimum account
requirements, based on the nature of the service(s) being provided. For a more detailed

understanding of those requirements, please review the disclosures provided in each
applicable service.