Income Focus Portfolio Management LLC

Item 5 Fees and Compensation
Income Focus Portfolio Management Managed Portfolios
On the firm's managed portfolios, Income Focus will assess an annual advisory fee of 36 basis points
(0.36%) on the assets under management, payable monthly in arrears. Partial months will be prorated
or combined with the following month. Our fee is not assessed on cash, money market funds, and
other cash equivalents. Income Focus may deduct fees directly from the client's custodial account, or
bill clients directly. The manner in which fees are deducted or billed is detailed in the signed agreement
with the client.

Because we do not assess an advisory fee on un-invested cash in the firm's managed portfolios, we
have an incentive to invest clients' accounts quickly, regardless of the availability of appropriate bonds
or other securities. We are aware of this conflict of interest, which we address through the adoption of
a Code of Ethics, more fully described in Item 11 of this Brochure. In short, Income Focus owes
fiduciary duties to its clients, and whenever our interests conflict with the interest of clients, we will use
good faith to act solely in the best interests of our clients.

Fees paid to Income Focus are exclusive of any custodial and transactions costs paid to the client's
custodian or broker, or to third-party brokers who execute transactions on behalf of the client through
the investment discretion granted to Income Focus. Please refer to the "Brokerage Practices", Item 12
of this Brochure for additional information.

Advisory agreements cannot be assigned without the approval of the client. Either Income Focus or the
client may terminate the advisory agreement upon thirty days prior written notice. In the event of
termination, Income Focus will send the client, a pro-rated final bill for services through the termination
date.

Item 7 Types of Clients
Income Focus currently serves individual clients, including their related trusts and retirement accounts,
non-profit and charitable organizations, corporations, and other business entities. Typically, the
minimum dollar amount for clients to open or maintain a relationship will be $250,000. We may waive
the typical minimums at our discretion.

Income Focus may serve clients as a sub-advisor to other investment advisors.