Hudson Portfolio Management LLC

Item 5 Fees and Compensation
Portfolio Management Services
Our fee for portfolio management services is based on a percentage of the assets in your account and is set forth
in the following annual fee schedule:

Assets Under Management                              Annual Fee
                                                     Fund Portfolios - 0.75%
Up to $5,000,000                                     Individual Security Portfolios - 1.00%
                                                     Liquidity Portfolios - 0.50%

Clients with portfolios of over $5,000,000 may be entitled to a reduction in the fee rate. The reduction is 0.125%
per year on the amount that exceeds $5,000,000, 0.15% per year on the amount that exceeds $10,000,000 and
0.20% on the amount that exceeds $20,000,000.

For each new client account, there is a $4,000 minimum annual fee ($1,000 per quarter). This minimum can be
reduced or waived in exceptional circumstances, particularly where the portfolio is expected to have significant
additions in the future. In addition, we have the right to terminate your account if it falls below a level that, in our
sole opinion, makes it too small to manage effectively.

Our annual portfolio management fee is billed and payable quarterly in advance, based on the opening balance on
the first business day of the calendar quarter.

If the portfolio management service is initiated at any time other than the first day of a calendar quarter, our fees
will apply on a pro rata basis. This means that the management fee is payable in proportion to the number of days
in the quarter for which you are a client. If over a quarter, there have been material additions or withdrawals to a
portfolio, the fee billed after the subsequent valuation date will include a fee addition or a reduction for such
additions or withdrawals. A material addition or withdrawal defined as net additions/withdrawals averaged over
the quarter that exceed 2% of the prior quarter's closing market value. Our fees are not negotiable, but in certain
unusual circumstances, we may, in our sole discretion, decide to partially reduce or waive a client's quarterly
management fee.

At our discretion, we may combine the account values of family members living in the same household to
determine the applicable management fee. For example, we may combine account values for you and your minor
children, joint accounts with your spouse, and other types of related accounts. Combining account values may
increase the asset total, which may result in your paying a reduced advisory fee.

We will send you an invoice for the payment of our portfolio management fee. In most cases, our fee will be
deducted directly from your account through the qualified custodian holding your portfolio provided you have
given written authorization for such.

The qualified custodian will deliver an account statement to you usually monthly, but at least quarterly. These
statements will show all disbursements from your account. You should review all statements for accuracy. If you
find any inconsistent information between our quarterly invoice and the statement(s) you receive from the
qualified custodian, call our main office number located on the cover page of this brochure.

If the portfolio management agreement is terminated, you will incur a pro-rata charge for services rendered prior
to the termination of the portfolio management agreement, which means you will incur management fees only in
proportion to the number of days in the quarter for which you are a client. If you have pre-paid advisory fees that
we have not yet earned, you will receive a prorated refund of those fees.

By policy, HPM does not require a written agreement for services with its clients, though one is regularly used.

Investment Advisory and Consulting Services
We charge either a fixed or an hourly fee for these consultations, which are outside of our discretionary
management services. Our fixed fees range from $150 to $1,500 a quarter. Our hourly fee ranges between $250
and $750. Billing rates for these services depend on factors such as the complexity of the work and the staff
involved. Our consulting fee is payable as invoiced, either on a periodic basis for ongoing services, or at the
completion of a project.

Other Fees and Expenses
In addition to the management fee paid to us, you may incur expenses for trading commissions, transaction fees
or service fees charged by the broker/custodian. Your portfolio may also be invested in mutual funds, ETFs,
closed-end funds, or similar investments that charge their own management or administrative expenses. We do
not receive compensation from the broker/custodian, fund companies, nor other investment advisors.

In certain circumstances, client accounts may go on margin, typically because withdrawals exceed available cash
in the portfolio. For the margin facility, you must have had provided authorization, usually done as part of the
account application executed with your broker/custodian. The management fees are calculated based on the asset
value of the account less the amount borrowed. The use of margin will result in interest charges in addition to all
other fees and expenses associated with the security involved.

To fully understand the total cost you will incur, you should review all the fees charged by mutual, exchange-
traded closed-end funds, as well as those charged by our firm and the broker/custodian of your account. For
information on our brokerage practices, refer to the Brokerage Practices section of this brochure.

Termination of Services
A client may terminate our portfolio management services at any time with 30 days' written notice. Unless
otherwise instructed, upon receipt of such notice, no further buy-sell orders will be placed and open orders will
be cancelled. Any unearned, pre-paid fees will be refunded.

If you terminate investment advisory services with us, where consulting fees are billable in arrears, you will be
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Item 7 Types of Clients
HPM clients are primarily individuals, including couples or families. We also serve entities associated with such
individuals and families; these include trusts and estates, donor-advised fund accounts and charitable foundation,
and private small businesses. HPM clients also include a few public charitable or non-profit organizations.

HPM clients do not include banks or thrift institutions, investment companies, pension or profit sharing plans,
public corporations, or business entities other than individual or family-owned businesses, including small
partnerships. While HPM clients do not include pension or profit-sharing plans themselves, HPM provides
discretionary portfolio management, or non-discretionary investment advisory or consultation services to the
individual participants for their 401(k), profit sharing, SEP-IRA or similar individual retirement plan accounts.
 HPM also provides investment supervisory or advisory services to individual or family business owners for
investment accounts held by those businesses (corporations, limited liability companies, partnerships or sole
proprietorships).

For each new client account, there is a $4,000 minimum annual fee ($1,000 per quarter). This minimum can be
reduced or waived in exceptional circumstances, particularly where the portfolio is expected to have significant
additions in the future. In addition, we have the right to terminate your account if it falls below a level that, in our
sole opinion, makes it too small to manage effectively.