Young Richard C & Co Ltd

Item 5    Fees and Compensation

The annualized fee for Investment Supervisory Services, which is charged quarterly in
arrears, will be charged as a percentage of assets under management, according to the
following schedule:

                   Assets Under Management                       Annual Fee

                         First $2,000,000                           0.80%

                    $2,000,001 to $5,000,000                        0.70%

                        Above $5,000,000                            0.55%

Limited Negotiability of Advisory Fees: Although Richard C. Young & Co., Ltd. has
established the fee schedule listed above, we retain the discretion to negotiate alternative fee
arrangements on a client-by-client basis. Circumstances that may be considered in determining
an alternative fee schedule include but are not limited to: the complexity of the client’s financial
situation, assets to be placed under management, anticipated future additional assets,
related accounts, and account composition.

Richard C. Young & Co., Ltd. has a minimum of $500,000 of assets under management for our
services. This account size is negotiable at our discretion, and we may group certain related
client accounts for the purpose of achieving the minimum account size and determining the
annualized fee.

Discounts, not generally available to advisory clients, may be offered to family members and
friends of associated persons of our firm.

                                    GENERAL INFORMATION

Termination of the Advisory Relationship: 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,
any fees or expenses owed will be pro-rated as of the date of termination and paid to us from
the account and/or by the client if insufficient cash and/or securities are in the account.

Mutual Fund Fees: All fees paid to Richard C. Young & Co., Ltd. for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds and/or
ETFs 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. If the fund also imposes sales charges, a client may pay an initial or deferred
sales charge. A client could invest in a mutual fund directly without our services. In that case,
the client would not receive the services provided by our firm, which are designed, among other
things, to assist the client in determining which mutual fund or funds are most appropriate to
each client's financial condition and objectives. Accordingly, the client should review both the
fees charged by the funds and our fees to fully understand the total amount of fees to be paid by
the client and to thereby evaluate the advisory services being provided.

Wrap Fee Programs and Separately Managed Account Fees: Richard C. Young & Co., Ltd.
does not offer Wrap Fee Programs or Separately Managed Accounts.

Additional Fees and Expenses: In addition to our advisory fees, clients are also
responsible for the fees and expenses charged by custodians and imposed by broker-
dealers, including, but not limited to, any transaction charges imposed by a broker-dealer with
which an independent investment manager effects transactions for the client's account(s).

Please refer to the "Brokerage Practices" section (Item 12) of this Form ADV for additional
information.

Grandfathering of Minimum Account Requirements: Pre-existing advisory clients are subject
to Richard C. Young & Co., Ltd.'s minimum account requirements and advisory fees in effect at
the time the client entered into the advisory relationship. Therefore, our firm's minimum account
requirements may differ among clients.

Advisory Fees in General: Clients should note that similar advisory services may (or may not)
be available from other registered (or unregistered) investment advisers for similar or lower
fees.

Limited Prepayment of Fees: Under no circumstance do we require or solicit payment of fees
in advance of services rendered.

Item 7      Types of Clients

Richard C. Young & Co., Ltd. provides advisory services to the following types of clients:

        Individuals (other than high net worth individuals)

        High net worth individuals

        Small businesses

        401(k) plans