Other General Information on Fees

Negotiability of Advisory Fees and Minimum Requirements: In certain circumstances, all fees and account minimums may be negotiable.

Fee Calculation: The fee charged is calculated as described above and is not charged on the basis of a share of capital gains upon or capital appreciation of the funds or any portion of the funds of an advisory client (Section 205(a)(1) of the Advisers Act).

Termination of 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 prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable. The client has the right to terminate an agreement without penalty within five business days after entering into the agreement.

Mutual Fund Fees: All fees paid to Treece Investment Advisory Corp. for investment advisory services are separate and distinct from the fees and expenses charged by mutual funds 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 the services of Treece Investment Advisory Corp. In that case, the client would not receive the services provided by Treece Investment Advisory Corp. 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 the fees charged by Treece Investment Advisory Corp. to fully understand the total amount of fees to be paid by the client and to thereby evaluate the advisory services being provided.

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

Proxy Voting: As a matter of firm policy and practice, Treece Investment Advisory Corp. does not have any authority to and does not vote proxies on behalf of advisory clients.

Advisory Service Fees

The annual fee for Treece Investment Advisory Corp.'s Asset Allocation Services will be charged as a percentage of assets under management, according to the following schedule:

Assets Under Management	Annual Fee (%)
Under $500,000	2.00%
$500,000 to $1,000,000	1.75%
$1,000,001 to $5,000,000	1.50%
Above $5,000,000	Negotiable

Processing/Administrative Fee: Upon opening an account and upon each deposit to an account subsequent to the initial investment, advisory clients will pay to TIAC an additional processing fee of 1% of such initial and/or subsequent investment to their account. This fee is for processing and administrative services, including, but not limited to, the following: initial meetings and conferences with new clients to explain Treece Investment Advisory Corp.'s advisory services and determine if those services are suitable to the client's financial circumstances; administrative and documentation services involving the establishment of client account(s); and follow-up on deposits and investment transfers to ensure timely and proper account registration and investment positioning.

Since the time for processing new accounts and subsequent deposits is relatively constant, some clients may pay more for substantially the same service because of different amounts of money invested. Due to the relatively constant nature of processing new accounts and subsequent deposits, the initial fee may be negotiable. Clients should note that similar services may (or may not) be available from other registered investment advisers for similar or lower fees.

Minimum Account Size and Invoicing: Treece Investment Advisory Corp. requires a minimum account size of $10,000 and a minimum total charge of $100 for opening an advisory account. All fees may be negotiable under certain circumstances. Treece Investment Advisory Corp. may group certain related client accounts for the purposes of achieving the minimum account size. Treece Investment Advisory Corp. will quote an exact percentage to each client based on both the nature and total dollar value of that account.

Clients will be invoiced in arrears at the end of each calendar quarter based upon the value (market value or fair market value in the absence of market value), of the client's account at the end of the previous quarter. Fees may also be debited from the account in accordance with the client authorization in the Client Services Agreement.

Referral Fee Arrangements

Treece Investment Advisory Corp. may from time to time compensate, either directly or indirectly, any person (defined as a natural person or a company) for client referrals. Treece Investment Advisory Corp. is aware of the special considerations promulgated under Section 206(4)-3 of the Investment Advisers Act of 1940 and similar state regulations. As such, appropriate disclosure shall be made, Treece Investment Advisory Corp. will maintain all written instruments, and all applicable Federal and/or State laws will be observed.

Investment or Brokerage Discretion

Treece Investment Advisory Corp. requests that it be provided with written authority to determine which securities and the amount of securities that are bought or sold.

Any limitations on this discretionary authority shall be included in this written authority statement. Clients may change/amend these limitations as required. Such amendments shall be submitted in writing.

Additional Compensation

The principal executive officers of Treece Investment Advisory Corp. may receive commissions and 12b-1 distribution fees from the mutual funds sold to advisory clients when advisory clients purchase mutual funds through TFSC, an associated broker dealer affiliated by common control and ownership with Treece Investment Advisory Corp.

While these individuals endeavor at all times to put the interest of the clients first as part of Treece Investment Advisory Corp.'s fiduciary duty, clients should be aware that the receipt of additional compensation itself creates a conflict of interest, and may affect the judgment of these individuals when making recommendations.

Conditions for Managing Client Accounts

As previously disclosed, Treece Investment Advisory Corp. requires a minimum account size of $10,000 and a minimum total charge of $100 for opening an advisory account, although this may be negotiable under certain circumstances. Treece Investment Advisory Corp. may group certain related client accounts for the purposes of achieving the minimum account size.