Old Glory Asset Management LLC

Item 5 – Fees and Compensation
Fee Schedule for Advisory Services

Old Glory is compensated for investment advisory services by a percentage of the assets managed.

Portfolio Management Services

The annual fee for portfolio management services is charged as a percentage of assets under management pursuant
to the following schedule:

Large Cap Value/Large Cap Growth/Large Cap Core Equity
       First $25 Million      .75%
       Over $25 Million       .60%

Small/SMID Cap Equity
       All Assets                   Maximum fee of 1.00%

Core Fixed Income/Enhanced Core Fixed Income/Short Duration Fixed Income
       First $25 Million      .40%
       Next $25 Million       .35%
       Over $50 Million       .30%

Core Plus Fixed Income
       First $10 Million            .50%
       Next $40 Million             .40%
       Over $50 Million             .30%

Equitable Structured Capital Strategies Products
        All Assets                 .50%

Old Glory quotes an exact fee for each client depending on the size of the client's account (s) and client's individual
circumstances. In certain cases, the fees may be negotiated.

Payment of Advisory Fees

Clients are billed quarterly, in arrears, based on the average quarterly market value of the client's account assets. The
specific manner in which fees are charged by Old Glory is described in a client’s written agreement with Old Glory.

Old Glory fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which
shall be incurred by the client. Clients may incur certain charges imposed by custodians, brokers and other third
parties such as custodial fees, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts
and securities transactions.

Old Glory compensates each sub-adviser for the investment management services provided to Old Glory clients.
Clients are not billed separately by the sub-adviser for any services provided by the sub-adviser. Each sub-adviser
has a separate schedule of management fees and billing procedures for clients who are not obtained through Old
Glory Asset Management. See the specific sub-advisers Form ADV for more detail.

Although not contemplated by current arrangements, if a sub-adviser uses mutual funds in the management of a
client account, all fees paid to Old Glory for investment advisory services are separate and distinct from the fees and
expenses charged by mutual funds to their shareholders. These fees and expenses are described in each fund's
prospectus and generally include a management fee, other fund expenses, and a possible distribution fee. A client
could invest in a mutual fund directly, without the services of Old Glory. In that case, the client would not receive
the services provided by Old Glory 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, if a mutual

fund is utilized, a client should review both the fees charged by the funds and the fees charged by Old Glory to fully
understand the total amount of fees to be paid by the client and to thereby evaluate the advisory services being
provided. No portion of the fees related to mutual fund investments such as commissions, fees, and costs are paid to
Old Glory.

Item 12 further describes the factors used in selecting or recommending broker-dealers for client transactions and
determining the reasonableness of their compensation.

Compensation for the Sale of Securities

Neither Old Glory nor any of its associated persons receive any compensation for the sale of securities.

Item 7 – Types of Clients
Old Glory offers advisory services primarily to pension and profit-sharing plans, corporations, and unions. A
minimum of $10 million of assets under management (including both equity and fixed income) is required for
portfolio management services. This account size may be negotiable under certain circumstances. Please refer to the
specific sub-advisers Form ADV for more detail.