Liberty Asset Management LLC

Item 5 Fees and Compensation

 INVESTMENT SUPERVISORY SERVICES ("ISS") 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:

Asset Allocation Program

Assets up to $1,000,000 1.50%
Assets over $1,000,000 1.00%

Fees are charged in advance on a calendar quarter basis. They are calculated by taking the
account value on the last day of the calendar quarter and multiplying by one-quarter of the
annual fee. The initial fee will be prorated when the account is established during the quarter.
When a copy of the Brochure Document(s) is not provided to the client at least 48 hours prior to
signing the contract(s), client has five business days in which to cancel the contract, without
penalty. If the investment advisory agreement is cancelled during a quarter the unused portion
of the feel will be refunded on a prorated basis.

Because client fees will be withdrawn directly from client accounts, LAM will:

 (A) Possess written authorization from the client to deduct advisory fees from an account held
     by a qualified custodian.

 (B) Send the qualified custodian written notice of the amount of the fee to be deducted from the
     client’s account and verify that the qualified custodian sends invoices to the client.

 (C) Send the client a written invoice itemizing the fee upon or prior to fee deduction, including
     the formula used to calculate the fee, the time period covered by the fee and the amount of
     assets under management on which the fee was based.

Limited Negotiability of Advisory Fees: Although Liberty 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.

                                 FINANCIAL PLANNING FEES

Liberty Asset Management, LLC's Financial Planning fee is determined based on the nature
of the services being provided and the complexity of each client’s circumstances. All fees are
agreed upon prior to entering into a contract with any client.

Our Financial Planning fees are calculated and charged on a fixed fee basis, typically ranging
from $300 to $3,000, depending on the specific arrangement reached with the client. We
may also charge hourly fees for Financial Planning related services. Our hourly rate ranges
between $150 and $300.

Financial Planning Fee Offset: Liberty Asset Management, LLC reserves the discretion to
reduce or waive the hourly fee and/or the minimum fixed fee if a financial planning client
chooses to engage us for our Portfolio Management Services.

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. Once having received
notice, the agreement shall be deemed canceled at the close of the second business day
after receipt of notice. Upon termination of any account, any prepaid, unearned fees will be
promptly refunded. In the case of a client terminating the agreement within five business days
from the date of inception, all fees that have been paid will be refunded.

Mutual Fund Fees: All fees paid to Liberty 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.

Other Revenue: Management personnel and other related persons of our firm are licensed as
registered representatives of a broker-dealer and/or licensed as insurance agents or brokers. In
these separate capacity(ies), these individuals are able to implement investment
recommendations for advisory clients for separate and typical compensation, such as
commissions, 12b-1 fees (trail fees earned from the sale of mutual funds and/or ETFs) or other
sales-related forms of compensation. This presents a conflict of interest to the extent that these
individuals recommend that a client invest in a security which results in a commission being paid
to the individuals. Clients are not under any obligation to engage these individuals when
considering implementation of advisory recommendations. The implementation of any or all
recommendations is solely at the discretion of the client. Liberty Asset Management, LLC's
representatives will at all times to put the interest of the clients first as part of Liberty Asset
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Item 7 Types of Clients

Liberty 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