Hazard & Siegel Advisory Services LLC

Item 5 - Fees and Compensation

 Description of Fees
    The Firm bases its fees on a percentage (%) of assets under management, hourly
   charges, fixed fees and commissions. All fees are fully disclosed and negotiable.

 Third-Party Money Managers
   In the Firm’s asset management arrangements with third-party money managers, the
    client is charged a fully disclosed fee by their respective money manager. Depending
    upon contractual commitments between the Firm and a money manager, the collected
    fee may be split in a sharing arrangement between the money manager and HSAS.
   The Firm may then share its advisory fee with a solicitor responsible for acquisition
    of the client, if any, in keeping with the terms of a solicitor agreement between the
    solicitor and HSAS.

 Hourly and Flat Fees
    These fees are payable to the Firm and billed directly to the client. The fee is then
     shared between the Firm and the IAR responsible for the account.

 Other “Fee for Service” Billing Arrangements
    Normally advisory service fees are deducted directly from a client’s advisory accounts
    held with a custodian. Alternate fee collection arrangements, such as direct invoicing
    by the Firm to the client, may be implemented by request from either the client or the
    Firm. Implementation of such special billing arrangements may be done either
    through the custodian or from the Firm. Upon receipt, fees are allocated between the
    Firm and the IAR responsible for that account, as outlined above.

Other Fees
   Custodians may charge transaction fees on purchases or sales of certain mutual funds,
   stocks, bonds and exchange traded funds. These charges are usually relatively small
   and incidental to the purchase or sale of a security. In some cases, custodians may
  also charge monthly, quarterly or annual service fees. Fees such as these, which are
   imposed by account custodians, are disclosed to clients whenever a custodial
   arrangement is recommended by the Firm.

   In addition, mutual funds, exchange-traded funds and variable insurance products
   usually charge a management fee for their services as investment managers. Mutual
   funds may also include transaction charges for the purchase and/or sale of securities
   held within their investment portfolios as well as other miscellaneous fees. These
   types of fees are generally included in each investment’s expense ratio and identified
   in their respective prospectus and/or statement of additional information provided to
   clients.

   Variable insurance products (variable annuities and variable universal life policies)
   typically also impose additional charges to cover additional expenses related to risk and
   mortality, guaranteed withdrawal benefits, guaranteed annuitization benefits and
   guaranteed accumulation benefits. Each company and contract may differ in the
   nature and amount of these additional expenses. Clients should carefully review these
   expenses in each product’s prospectus.

   These additional product fees and expenses would normally be in addition to those
   paid by the client for the Firm’s advisory services.

Fee Billing
   Most of the Firm’s fee billing is done through the custodial firm holding a client’s
  account, as previously stated. The custodian collects the fees on behalf of the Firm and
   forwards them to the Firm. Where third-party money manager relationships exist, fee
   billing is done by the respective third-party money managers and their respective
   custodians. These fees are collected by the money managers and then forwarded to
  the Firm.

Termination of Agreements
   Advisory agreements continue in effect until terminated by written notice by either the
   client or the Firm to the other party. Termination of an agreement does not affect (i)
   the validity of any action previously taken by HSAS under the agreement; (ii)
   liabilities or obligations of the parties from transactions initiated before termination of
   an agreement; or (iii) the client’s obligation to pay advisory fees, which are prorated
   through the date the Firm receives the notice of termination. Upon the termination of
   an agreement, neither the Firm nor its IAR will have any obligation to recommend or
   take any action with regard to the securities, cash or other investments in the terminated
   client’s account. Any unearned advisory fees collected in advance will be refunded to
   the client’s account by the Firm.

Item 7 - Types of Clients

Description
   The Firm generally provides services to individuals, pension and profit-sharing plans,
  trusts, estates, charitable organizations, and corporations or other types of business
   entities within the United States and its territories for the accounts that it handles on
  an advisory or solicitor basis.

Account Minimums
   The Firm does not impose a hard minimum account size. Most third-party money
  manager used with advisory client accounts may be independent RIAs, however, and
   may impose a minimum. HSAS’ policy is to recognize and adhere to the minimum
   guidelines of each money manager. Minimums are sometimes negotiable and are
   usually aggregated for all members of a household to meet the overall account size
  minimum.

Types of Investments
   The Firm may offer a variety of investment vehicles to clients for use within their
   investment portfolios. The following is a list of the most commonly utilized
   investment products:
        Exchange- and OTC-traded securities            ADR and foreign issues
        Government agency securities                   Equity options (covered only)
        Warrants and convertible securities            Corporate debt
        CDs, commercial paper and notes                Municipal securities
        Limited partnerships                           Mutual funds
        Exchange-traded funds (ETFs)                   UITs
        non-traded REITs                               Variable annuities
        Variable universal life insurance

    The Firm’s IARs may also recommend traditional life insurance, disability income
    insurance and/or long-term care insurance as integral components of their financial
    planning processes.