Schuchard Capital Management Inc

Fees and Compensation
  Our only source of revenue is derived from client fees based on assets under
  management and, occasionally, from consultation fees or fees for administrative
  work outside of asset management, like settling estates or opening new accounts.
  This compensation structure allows us to provide objective and unbiased
  investment advice to clients, limiting conflicts of interest. We do not receive:
      Additional compensation based on the performance of client portfolios.
      Any form of commissions or fees from selling investment products.
      Kickbacks or soft dollar arrangements from broker-dealers, custodians, or
       any other investment companies.
      Referral fees from clients or from colleagues including other investment
       advisers, attorneys, and accountants. (We also do not offer referral fees to
       clients or colleagues.)
  Basically, the conflict arising from our fee structure is that greater revenue is
  generated with greater assets under our management. So, there would be an
  incentive for our Firm to encourage clients to increase their account assets with us.
  For example, when advising the transfer of a client’s assets to our management, a
  conflict arises if the costs to the investor increase as a result of the transfer. In
  such a case, we assist the client in analyzing whether the benefits of moving the
  assets to our management are worth the added cost of a higher advisory fee. We
  may even offer discounted advisory fees to reduce or eliminate the disadvantage to
  the client if the costs were lower to leave the assets in place.

Schuchard Capital Management, Inc.
  Fees and Compensation, Continued

  Advisory fees are calculated annually using the beginning of the year total
  portfolio market value of assets under management and the following rate schedule
  (stated as an annual rate):

        1.0% of the first $300,000
        0.7% of the next $700,000
        0.4% of the next $1,000,000
        0.3% of the next $2,000,000
        0.2% of the balance exceeding $4,000,000

  As mentioned earlier, fees may be negotiated with any client based on the level of
  services provided. In addition, any services outside of asset management, such as
  settling estates or opening new accounts, will be billed separately.

  One-fourth of the annual fee is payable at the beginning of each quarter. Clients
  have the option of providing us authorization to deduct fees directly from their
  investment account or to be billed by invoice. We encourage clients who choose to
  have us deduct fees from investment accounts to verify accurate billing by
  referencing the appropriate monthly statement mailed directly from the custodian.
  The custodian is not responsible for verifying accuracy of fee calculations or
  billings.

  Either the client or adviser may terminate the advisory relationship at any time.
  Advisory fees will be refunded, upon client request, on a pro rata basis in the same
  manner they were originally billed (i.e., returned to the investment account if fee
  was directly deducted or issued a refund check if fee was paid by check).

  Clients whose assets are invested in mutual funds (including no-load funds) are
  paying two advisory fees: (1)an investment advisory fee to Schuchard Capital
  Management, Inc. (see fee schedule described above) and (2)an additional
  advisory fee to the mutual fund company (via expense ratios).

Schuchard Capital Management, Inc.
  Fees and Compensation, Continued

  In addition, other client costs include purchase and redemption fees, if applicable,
  and transaction costs charged by the executing broker.

  Clients have the option to purchase investment products that we recommend
  through any broker, custodian, or agent of their choice. (See Brokerage Practices
  on Page 10).

Types of Clients

  Our client base consists of individuals (retail investors), trusts, pension and profit
  sharing plans, estates, and charitable organizations.