Warrington Asset Management LLC

ITEM 5 - FEES AND COMPENSATION
General Fee Information
Generally, clients elect to pay management fees to WAM separately from the brokerage
expenses of the account. Accordingly, client accounts pay a management fee, plus the
cost of transactions in the account.
The fees noted above are separate and distinct from the internal fees and expenses
charged by mutual funds, ETFs (exchange traded funds) or other investment pools to their
shareholders (generally including a management fee and fund expenses, as described in
each fund's prospectus, or offering materials). The client should review all fees charged by
funds, brokers, WAM, and others to fully understand the total amount of fees paid by the
client for investment and financial-related services.
Portfolio management fees are typically payable quarterly in arrears in accordance with the
client's Investment Management Agreement with WAM. The value of the securities is
computed by the custodian based on the market value as of the last day of each calendar
quarter. If there is no market value available, the security value is computed at fair value.
When management begins after the start of a quarter, fees are prorated accordingly. Fees
may also be prorated for substantial cash flows at WAM's discretion. With client
authorization, and unless other arrangements are made, fees are normally debited directly
from client account(s).
Either WAM or the client may terminate their Investment Management Agreement at any
time, subject to any written notice requirements in the agreement. In the event of
termination, any paid but unearned fees are promptly refunded to the client based on the
number of days that the account was managed. Any fees due to WAM from the client are
invoiced or deducted from the client’s account prior to termination.

Portfolio Management Services Fees
WAM's fees for Portfolio Management Services are based upon a percentage of assets
under management. Fees are 2% annually based on AUM as of the end of each quarter,
regardless of profitability. Fees are negotiable. The terms and conditions of the fee structure
are mutually agreed upon prior to entering into an advisory agreement. WAM may, at its
discretion, make exceptions to the foregoing or negotiate special arrangements where
WAM deems it appropriate under the circumstances. WAM directly debits fees from client
accounts. WAM will notify the introducing broker of the quarterly fee and the introducing
broker will then debit the fees directly.

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ITEM 7 - TYPES OF CLIENTS
WAM serves mutual funds, and unregistered private funds. An account minimum of
$500,000 is required.