Nutter Investment Advisors Limited Partnership

Item 5 Fees and Compensation
Nutter Investment Advisors' fees for the advisory services it offers are generally based upon a
percentage of assets under supervision. Other fee arrangements with NIA's clients, such as a fixed fee
or fee rates differing from the general fee schedule, may be negotiated from time to time. Fees are
payable quarterly in arrears, based on the balance at the end of the billing period. At the client's
option, fees may be billed to the client by NIA or deducted from the client's assets by NIA upon notice
to the qualified custodian.

If a client terminates our engagement, any compensation earned is prorated to the date of termination
and the client is required to pay the prorated compensation.

Nutter Investment Advisors provides individual investment advice to attorneys of the Firm in their
capacity as fiduciaries, trustees and the like, pursuant to a master advisory contract with the Firm, the
Firm pays an investment advisory fee to NIA, the amount of which is calculated annually.

Nutter Investment Advisors' current general fee schedule is calculated as follows:

    1. For equity and balanced portfolios, the sum of the following percentages of assets under
       supervision:

         1.00% on the first $1,000,000
         0.60% on the next $4,000,000
         0.50% on the balance above $5,000,000

    2. For fixed-income portfolios, 75% of the rates for equity and balanced portfolios.

Clients may also be responsible for paying custodian fees, mutual fund expenses and all reasonable
and ordinary transaction expenses related to the purchase and sale of securities or other investment
products, including brokerage commissions. See Item 12 of this Brochure for a discussion of Nutter
Investment Advisors' brokerage practices.

Our advisory fee is negotiable. At our discretion, we may combine the account values of family
members living in the same household to determine the applicable advisory 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 based on the available breakpoints in our fee schedule stated
above.

We will deduct our fee directly from your account through the qualified custodian holding your funds
and securities. We will deduct our advisory fee only when you have given our firm written authorization
permitting the fees to be paid directly from your account. Further, the qualified custodian will deliver an
account statement to you at least quarterly. These account statements will show all disbursements
from your account. You should review all statements for accuracy.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds (described in each fund's prospectus) to their shareholders. These fees will generally
include a management fee and other fund expenses. You may also incur transaction charges and/or
brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
refer to the Brokerage Practices section of this brochure.

Item 7 Types of Clients
The majority of Nutter Investment Advisors' clients are individuals (including personal trusts and
Individual Retirement Accounts), but NIA also advises endowment funds and private charitable
foundations. Nutter Investment Advisors' largest single client in terms of assets under management is
the Firm. The majority of the investment advice rendered to the Firm's attorneys is rendered to them in
their capacity as fiduciaries of trusts, estates and the like.

We require a minimum account size of $1,000,000 to open an account. At our discretion, we may
waive this minimum account size. We may also combine account values for you and your minor
children, joint accounts with your spouse, and other types of related accounts to meet the stated
minimum. We have the right to terminate our advisory services if your Account falls below a minimum
size which, in our sole opinion, is too small to manage effectively.