RSW Investments Holdings LLC

Item 5 – Fees and Compensation

RSW is compensated based on a percentage of the market value of each account.

For wrap-fee programs, the wrap fee collected by the applicable program sponsor includes
RSW's advisory fee, the program sponsor's fee (which may be shared with an independent
referring party), the client's portfolio transactions costs (if applicable and subject to any
restrictions), and custodial services for the client's assets. RSW’s portion of the wrap fee
typically ranges from 10% to 50% of the total fee. The program sponsor may charge certain
additional costs. For a complete description of the fee arrangement, including billing
practices and account termination provisions, clients should review the applicable wrap-
fee program brochure provided to the client by the representative of the program sponsor.

RSW’s advisory fee for its portfolio management services for accounts not introduced
through a wrap-fee program will be charged as a percentage of assets under management.
RSW’s standard annual management fee schedule is as follows:

Actively-Managed Strategies
0.30% on the first $500,000, 0.25% on the next $4.5 million and 0.20% over $5 million

RSW charges its advisory fees based on the preference of the client’s financial
intermediary, which may be in advance (prior to the period for which services are to be
performed) or in arrears (after the period for which services were performed). Regardless
whether fees are paid in advance or arrears, the annual advisory fees are generally paid in
quarterly installments.

For clients that are not in a wrap-fee program, RSW may invoice the client or instruct the
client’s custodian to deduct RSW’s advisory fees from the client’s account. The custodian

will deduct the advisory fees only based upon a written authorization from the client
permitting the fees to be paid directly from the account. Clients should receive from their
custodian an account statement at least quarterly. Clients who have authorized RSW to
deduct its advisory fees from their account should review the deduction of fees reflected on
its quarterly statements.

RSW typically requires a minimum account size of $250,000 for the Market Duration
Portfolio, Low Duration Portfolio and Enhanced Intermediate Duration Portfolio. The
minimum can be waived under certain circumstances.

A client agreement may be canceled at any time, by either party, for any reason, upon
receipt of written notice. Upon termination of any account, RSW will promptly refund the
client any prepaid, unearned fees, and any earned, unpaid fees by the client will be due and
payable to RSW. The client has the right to terminate an agreement without penalty within
five business days after entering into the agreement.

While it is not anticipated that mutual funds will be included in the clients' portfolios,
money- market mutual funds may be used to 'sweep' unused cash balances until they can
be appropriately invested. Clients should recognize that all fees paid to RSW 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. These fees will generally include a management fee, other fund expenses, and a
possible distribution fee.

Clients should note that similar advisory services may (or may not) be available from other
registered investment advisers for similar or lower fees.

Item 7 – Types of Clients

RSW specializes in the professional management of separate account municipal bond
portfolios for individual investors. RSW may also provide investment advice to trusts,
estates, charitable organizations, and corporations or business entities.

As disclosed under Item 5, RSW requires a minimum account size of $250,000 for the
Market Duration Portfolio, Low Duration Portfolio, or Enhanced Intermediate Duration
Portfolio. However, under certain circumstances these minimums may be waived.