Ryan Labs Asset Management Inc

Item 5 - Fees and Compensation:

   For discretionary asset management, RLAM has standard asset-based fee schedules for the
   products shown further below. Fees are negotiable based on a strategy, the size of assets
   under management or other unique circumstances. Prospective clients should be aware that
   in addition to RLAM’s advisory fees for separate account management, each exchange-
   traded fund or mutual fund in which a client's assets are invested charges advisory fees as
   stipulated in this brochure. In addition, clients participating in Ryan Labs derivatives
   strategies will pay execution commissions, clearing fees, and exchange fees for commodity
   interests purchased and sold for their accounts. For more information, please refer to Item 12

Item 7 – Types of Clients:

   RLAM provides portfolio management services to pension plans, profit-sharing plans,
   charitable organizations, states, municipalities, investment companies, pooled vehicles (such
   as limited partnerships), insurance companies, and other U.S. or international institutions, in
   some instances through a relationship with third-party wealth managers (for example, Morgan
   Stanley Smith Barney).

   RLAM’s separate account clients are all institutional in nature, generally Qualified
   Institutional Buyers, and also generally required either: (a) to maintain a minimum account
   balance of $10 million; or (b) to pay a minimum annual fee.

   As adviser to investment companies (mutual funds) registered under the Investment Company
   Act of 1940, RLAM manages the assets of the funds on a discretionary basis in accordance

   with the respective fund’s investment objectives, policies, and restrictions, subject to the
   supervision and control of the fund’s board of trustees.