Zimmermann Alan L

Item	5	–	Fees	and	Compensation

Fees	are	charged	based	on	the	assets	being	managed	and	are	subject	to	negotiation	for
larger	accounts.	Fees	are	generally	charged	at	the	rate	of	½	of	1%	on	the	first	$250,000
under	management	and	¼%	on	amounts	in	excess	of	$250,000	with	a	minimum	annual	fee
of	$1,000.	Fees	are	payable	quarterly	or	annually	in	arrears.	Fees	are	generally	deducted
from	client	accounts.

Clients	have	the	right	to	terminate	the	relationship	with	no	obligation,	other	than	the
payment	of	prorated	fees	through	the	date	of	termination.	Accounts	initiated	or	terminated
during	a	calendar	quarter	will	be	charged	a	prorated	fee.		Upon	termination	of	any	account,
any	prepaid,	unearned	fees	will	be	promptly	refunded,	and	any	earned,	unpaid	fees	will	be
due	and	payable.

Adviser’s	fees	are	exclusive	of	brokerage	commissions,	transaction	fees,	and	other	related
costs	and	expenses	which	shall	be	incurred	by	the	client.	Clients	may	incur	certain	charges
imposed	by	custodians,	brokers,	third	party	investment	and	other	third	parties	such	as	fees
charged	by	managers,	custodial	fees,	deferred	sales	charges,	odd-lot	differentials,	transfer
taxes,	wire	transfer	and	electronic	fund	fees,	and	other	fees	and	taxes	on	brokerage
accounts	and	securities	transactions.	Mutual	funds	and	exchange	traded	funds	also	charge
internal	management	fees,	which	are	disclosed	in	a	fund’s	prospectus.	Such	charges,	fees
and	commissions	are	exclusive	of	and	in	addition	to	Adviser’s	fee,	and	Adviser	shall	not
receive	any	portion	of	these	commissions,	fees,	and	costs.

Item	12	further	describes	the	factors	that	Adviser	considers	in	selecting	or	recommending
broker-dealers	for	client	transactions	and	determining	the	reasonableness	of	their
compensation	(e.g.,	commissions).

Item	7	–	Types	of	Clients

Adviser	provides	portfolio	management	services	to	individuals,	high	net	worth	individuals,
corporate	pension	and	profit-sharing	plans,	foundations,	and	other	U.S.	and	international
institutions.	Adviser	generally	does	not	require	a	minimize	size	account,	rather	utilizing	a
minimum	annual	fee	(see	Item	5	–Fees	and	Compensation).