Fees for professional management services are computed on the fair market value of the portfolios as appraised at the end of each quarter. Fees are billed quarterly at one-fourth of the annual fee shown below:

• 1.25 % on the first $1 million


• 1.00% on Assets $1 to $3 million


• 0.75% on Assets $3 to $5 million


• 0.50% on Assets $5 to $10 million


• Negotiable on Assets above $10 million