Ascensus Investment Advisors LLC

Item 5: Fees and Compensation

Government Savings Division:
In consideration for its advisory services as part of the Government Savings business line, AIA is paid fees pursuant to
a contract that it and/ or an affiliate has entered into with a State Administrator. AIA and its affiliate(s) negotiate such
terms at the onset of each relationship, which is typically completed through request for proposals and a competitive bidding
process. Any modifications, additional services, or changes in fees is subject to review and varies based on terms of the
contract and any amendments. AIA’s services to Plans vary from Plan to Plan such that AIA and/or its affiliate(s) may perform
different services to a particular Plan administered by one State Administrator than to another Plan administered by
another State Administrator. Some contractual arrangements require the Firm or its affiliate(s) to utilize its recordkeeping,
investment selection, and/or program administration and support services while under other contracts, a subset of such
services are provided. Each Plan and the services to be performed therein are reviewed in detail prior to engagement
and an appropriate fee is offered or negotiated with the respective State Administrator. Please refer to Item 10 for more
information about the Firm’s affiliates.

The fee paid to AIA and its affiliates is based on a percentage of the value of the underlying Plan assets under
administration by the Firm, unless otherwise contractually agreed to by the relevant parties. This fee includes AIA’s advisory
services as well as other services provided by the Firm and/or its affiliates, including the aforementioned recordkeeping
and program administration services conducted outside the scope of AIA. Fees are generally calculated on a daily basis
and are due monthly in arrears via direct invoice or automatic deduction from an account held on behalf of the State
Administrator. AIA clients do not pay management fees in advance.

Where the underlying investment selections consist of no-load or load-waived shares of mutual funds (or other investments
without sales charges), there are no additional brokerage fees charged in connection with the investment transactions in a
Plan. However, as a mutual fund shareholder, each investment option within a Plan does bear its proportionate share of
the fees and expenses of the underlying funds in which it invests. For further information regarding brokerage practices
and Plan fees, please see Item 12 of this document along with the specific Plan program brochure disclosure document
available on the Plan’s website or the MSRB EMMA website if available.

Additionally, certain revenue sharing contractual arrangements with AIA and its affiliates include the payment of additional
fees by certain underlying investments or investment management firms available within a Plan. These fees are based on
the value of the assets in the underlying investment. Currently AIA participates in a revenue sharing arrangement with New
York Life where their products are offered in the New Mexico education savings plans. These fees are intended to offset,
in part, administrative expenses incurred by AIA and its affiliates. Please refer to the Plan’s offering document for additional
information.

Receipt of these fees creates no conflict of interest for AIA as AIA’s clients are not Plan participants, and the affiliates of
AIA that are also party to these agreements do not provide investment advice, securities recommendations, or securities
distribution services within Plans. AIA, therefore, has no control over the direction of assets into any underlying investment
or investment manager within the Plan. Furthermore, these arrangements do not involve, nor does AIA have or offer, any
proprietary investment products.

Item 7: Types of Clients
In the Government Savings Division, AIA’s clients consist of state or municipal government entities, referred to as State
Administrators. AIA does not provide investment advice or maintain a contractual client relationship with any Plan participant
account owner or any other investment managers as clients.

        Ascensus Investment Advisors, LLC                                                              Form ADV Part 2