Truston Asset Management Co Ltd

Item 5.       Fees and Compensation

         Management and Incentive Fees. Truston’s fees vary depending upon the nature and extent of the mandate.
Truston charges investment management fees to Clients as a percentage of assets under management (e.g.,
management and/or incentive fees). Fees are set out within the governing documents, offering documents and/or the
investment management agreements between Truston and the Client, as applicable. Truston does not have one fee
schedule that applies to all Clients. With respect to Separate Accounts, fees and expenses are generally assessed
depending upon the size of mandate, type of strategy and unique features of the account. Certain Clients may also
pay Truston an incentive fee based upon an annual percentage of the net capital appreciation above a hurdle rate, if
applicable, of the Client’s advised assets for the year, subject to standard high-water provisions, at the end of each
calendar year. All incentive fees charged by Truston are in compliance with Rule 205-3 of the Investment Advisers
Act of 1940.

         In relation to Separate Accounts, fees will be deducted from Clients’ accounts and paid directly to the firm
by the qualified custodian(s) of Clients’ accounts. Clients will authorize their qualified custodian(s) of their accounts
to deduct fees from their accounts and pay such fees directly to Truston. These fees are generally incurred by the
Separate Accounts on a quarterly basis. Clients should review account statements received from the qualified
custodian(s) and verify that appropriate investment advisory fees are being deducted. The qualified custodian(s) will
not verify the accuracy of the investment advisory fees deducted.

Truston Asset Management Co., Ltd.                       Page 5                   Form ADV Part 2A Disclosure Brochure

         Additional Expenses. Brokerage commissions and/or transaction ticket fees charged by the qualified
custodian are billed directly to client funds by the qualified custodian. Truston does not receive any portion of such
commissions or fees from Client or the qualified custodian. In addition, Clients may incur certain charges imposed
by third parties other than Truston in connection with investments made through Clients’ account including, but not
limited to, mutual fund sales loads, 12(b)-1 fees and surrender charges, variable annuity fees and surrender charges,
IRA and qualified retirement plan fees, and charges imposed by the qualified custodian(s) of Clients’ accounts.

Item 7.        Types of Clients

          Truston generally provides investment advice to the following types of clients:

     •    High net worth individuals
     •    Banks or thrift institutions
     •    Pension and profit sharing plans
     •    State or municipal government entities
     •    Insurance Companies
     •    Corporations or business entities other than those listed above

         Requirements to Open. Funds will generally sell shares to investors who qualify as both “accredited
investors” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act and “qualified
purchasers” as defined in Section 2(a) (51) of the Investment Company Act of 1940, as amended (the “1940 Act”).
Funds require all investors to be qualified purchasers so that Funds may qualify for an exemption from registration
under Section 3(c)(7) of the 1940 Act. For the qualifying criteria of an “accredited investor” and “qualified purchaser”
see the Funds’ Subscription Agreements. In the event that Truston chooses to waive the requirement that each investor
be a qualified purchaser, the specific Fund will rely on the exemption from registration under Section 3(c)(1) of the
1940 Act, which limits the number of investors in the Fund to 100. Funds usually require a minimum investment of
$500,000. A minimum investment of $10 million is generally imposed on each investor that wishes to open a Separate
Account. This minimum investment may be waived at the discretion of Truston.

         The Funds or Separate Accounts generally may limit the ability of investors to withdraw capital or redeem
or transfer their interests for a period of time after investment. These lock-ups may differ among the Clients and
among the classes of interests in the same Fund. Generally, a Fund may waive or alter these requirements.

Truston Asset Management Co., Ltd.                       Page 7                   Form ADV Part 2A Disclosure Brochure