Minimum Account Size & Fees

Fees for management of the portfolio and client service are 1.25% of the assets under management. One fourth of the annual fee is paid each quarter based upon the assets under management at the end of the quarter. No portion of the fee is based upon portfolio turnover or performance. Transaction costs are borne by the portfolio, but are by design low and, owing to low turnover, kept to a minimum amount. The minimum account size is $500,000.