American Investment Services Inc

Item 5       Fees and Compensation
PORTFOLIO MANAGEMENT SERVICES FEES
AIS provides wealth management services on a fee-only basis. The specific manner in
which fees are charged is established in the client’s written Investment Management
Agreement with AIS.
AIS charges asset value-based fees calculated as a percentage of Assets Under
Management (“AUM”). Effective July 1, 2021, our annualized fee charged to new
advisory clients typically is calculated according to the following schedule:

 Tier   Applies to AUM                Annual Fee

   1     Up to $1 million             1.00% of AUM

   2     $1,000,001 - $5,000,000      Tier 1 maximum fee plus 0.60% of AUM in Tier 2

   3     $5,000,001 - $10,000,000     Tier 2 maximum fee plus 0.40% of AUM in Tier 3

   4     $10,000,001 - $20,000,000    Tier 3 maximum fee plus 0.25% of AUM in Tier 4

   5     $20,000,001 - $150,000,000   Flat 0.275% of total AUM up to $150 million

   6     Over $150,000,000            Tier 5 maximum plus 0.15% of AUM in Tier 6

Pre-existing PAM clients’ fees and minimum account requirements will be calculated in
accordance with the terms of their contracts, while an annual seventy-five basis points
fee will continue to be charged to pre-existing PAS accounts (a service no longer
offered).

Sub-Advised Unified Managed Accounts (Dimensional UMAs) Fees.
The annual investment management fee charged by DFA (calculated as a percentage
of the assets allocated to DFA) is separate from, and in addition to, AIS’s advisory fee
as set forth above and will be directly debited from the client’s sub-advised account on

a quarterly basis in arrears. To the extent that DFA ETFs or mutual fund positions are
held in the same account as a DFA UMA, such positions will not be billed the UMA rate
(but will still be assessed customary internal fund fees). The annual fee to be paid to
DFA for each Account shall be 23 basis points (0.23%).

GENERAL INFORMATION
Wealth Management Service Fees. Fees are calculated and billed in arrears at the end
of each calendar quarter based upon the asset value (market or fair market value in the
absence of market value), of the client's account as of the close of business on the last
day of the calendar quarter being billed. The initial date for calculating AUM is based on
facts and circumstances, including, but not limited to factors such as initial account
funding, transfer of assets and/or the inception of active management. If the initial date
for calculating AUM falls on a day other than the first day of the calendar quarter, or if
services terminate other than on the last day of the calendar quarter, the fee is pro-
rated.
Fees for partial quarters typically will be prorated based on the number of days during
the calendar quarter during which account management was in effect. Prior to billing,
wealth managers review recent capital contributions made into a client’s account to
ascertain whether such funds should be included or excluded from that quarter’s fee
calculation. Generally, AIS’s policy is to exclude such additional assets if not yet
invested.
When authorized by the client, fees are debited from the account in accordance with the
terms set forth in AIS’s Investment Management Agreement.

Limited Negotiability of Advisory Fees: Although AIS has established the afore-
mentioned fee schedule(s), we retain the discretion to negotiate alternative fees on a
client-by-client basis. Client facts, circumstances and needs are considered in
determining the fee schedule. These include the financial complexity of the client, assets
to be placed under management, anticipated future additional assets; related accounts;
portfolio style, account composition, and reports, among other factors. The specific
annual fee schedule is identified in the Investment Management Agreement between
AIS and each client. Accordingly, AIS’s fees and minimum account requirements will
differ among our clients.
AIS retains sole discretion, as an accommodation to certain clients, to group their
related accounts for the purposes of achieving the minimum account size requirements
and/or determining the annualized fee (e.g., families with minor children are combined
into a single household).

Termination of the Advisory Relationship. A client agreement can be canceled at any
time, by either party, for any reason upon receipt of ten (10) days written notice.
Upon termination of any account, any earned fees will be immediately due and payable.
Any fees due to AIS shall be prorated to the date of termination and either directly
debited or billed in accordance with the terms of the Investment Management
Agreement.

Mutual Fund Fees. All fees paid to AIS for wealth management services are separate
and distinct from the fees and expenses charged by mutual funds and/or ETFs 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 and/or redemption fee. To the extent possible AIS does not utilize
mutual funds with sales loads. However, in certain supervisory accounts where AIS
does not have authority to select such funds (e.g., 401(k) plans with a predetermined
menu of available funds), certain of those funds levy sales charges in which case a
client pays an initial or deferred sales charge. Generally, a client could invest in certain
mutual funds directly, without our services. In that case, the client would not receive the
services provided by AIS 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 AIS’s fees to fully understand the total amount of fees to be paid by the
client and to thereby evaluate the advisory services being provided.
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Item 7       Types of Clients
AIS generally provides advisory services to the following types of clients:
  •   Individuals (other than high net worth individuals);
  •   High net worth individuals;
  •   Charitable organizations; and
  •   Corporations or other businesses not listed above
Refer to Professional Asset Management (PAM) and Sub-Advised Unified Managed
Accounts (Dimensional UMAs) programs in Item 4 above for information regarding
certain terms and conditions imposed for participation.