Fees for sub-advisory services are negotiable. Portfolio management fees for institutional clients range from 0.10% to 0.35% annually, depending on assets, complexity, and administration. Portfolio management fees for individuals will not exceed 1.00% annually and are negotiable. Fees are billed quarterly. Clients may incur additional fees, such as mutual fund expenses and brokerage fees. For clients invested in the SLWGX mutual fund, the management fee will be reduced to 0.50% on the client's assets allocated to the mutual fund.