Constellation Investments Inc

Item 5 – Fees and Compensation
AuguStar Fund

When providing advisory services to the portfolios of the AuguStar Fund (the “Portfolios”), CINV
charges and receives advisory fees determined as a percentage of net assets. CINV’s fees are
negotiable and will vary based on investment style and other factors. Because CINV’s fees are
negotiable, the actual fee paid by any client or group of clients may differ from those set forth below
and may vary from year to year. The net asset value of Portfolios reflects the advisory fees and
other expenses that are deducted from the assets of the Portfolio.

As compensation for its services under the investment advisory agreements, CINV is paid the
following fees from the AuguStar Fund:

 Portfolio Name                                           Annual Fees
 AVIP AB Small Cap Portfolio                              0.73% of first $400 million
                                                          0.675% of next $200 million
                                                          0.63% over $600 million
 AVIP AB Mid Cap Core Portfolio                           0.715% of first $100 million
                                                          0.71% of next $200 million
                                                          0.69% of next $200 million
                                                          0.66% over $500 million
 AVIP AB Relative Value Portfolio                         0.65% of first $100 million
                                                          0.61% of next $200 million
                                                          0.59% over $300 million
 AVIP Fidelity Institutional AM Equity Growth Portfolio 0.68% of first $100 million
                                                        0.65% over $100 million
 AVIP Intech U.S. Low Volatility Portfolio              0.575% of first $500 million
                                                        0.555% over $500 million
 AVIP S&P 500® Index Portfolio                          0.40% of first $100 million
                                                        0.35% of next $150 million
                                                        0.33% over $250 million
 AVIP Bond Portfolio                                    0.60% of first $100 million
                                                        0.50% of next $150 million
                                                        0.45% of next $250 million
                                                        0.40% of next $500 million
                                                        0.30% of next $1 billion
                                                        0.25% over $2 billion
 AVIP BlackRock Advantage International Equity          0.72% of first $200 million
 Portfolio                                              0.70% of next $800 million
                                                        0.66% over $1 billion
 AVIP High Income Bond Portfolio                          0.75% of first $75 million
                                                          0.70% of next $75 million
                                                          0.65% of next $75 million
                                                          0.60% over $225 million
 AVIP Core Plus Bond Portfolio                            0.56% of first $100 million
                                                          0.54% of next $150 million
                                                          0.50% of next $150 million
                                                          0.45% of next $350 million
                                                          0.43% over $750 million
 AVIP Nasdaq 100® Index Portfolio                         0.40% of first $100 million
                                                          0.35% of next $150 million
                                                          0.33% over $250 million

 AVIP BlackRock Balanced Allocation Portfolio           0.58% of first $100 million
                                                        0.50% of next $150 million
                                                        0.45% of next $250 million
                                                        0.40% of next $500 million
                                                        0.30% of next $1 billion
                                                        0.25% over $2 billion
 AVIP BlackRock Advantage Small Cap Growth              0.78% of first $100 million
 Portfolio                                              0.75% of next $400 million
                                                        0.70% over $500 million
 AVIP BlackRock Advantage Large Cap Core Portfolio      0.64% of first $500 million
                                                        0.62% over $500 million
 AVIP BlackRock Advantage Large Cap Growth              0.66% of first $500 million
 Portfolio                                              0.64% over $500 million
 AVIP BlackRock Advantage Large Cap Value Portfolio     0.67% of first $500 million
                                                        0.65% over $500 million
 AVIP S&P MidCap 400® Index Portfolio                   0.40% of first $100 million
                                                        0.35% of next $150 million
                                                        0.33% over $250 million
 AVIP Constellation Dynamic Risk Balanced Portfolio     0.88% of first $500 million
                                                        0.74% of next $1.3 billion
                                                        0.72% over $1.8 billion
 AVIP Constellation Managed Risk Balanced Portfolio     0.55% of first $1.5 billion
                                                        0.53% over $1.5 billion
 AVIP Constellation Managed Risk Moderate Growth        0.55% of first $1.5 billion
...

Item 7 – Types of Clients
CINV has one registered investment company client, the AuguStar Fund, and twelve insurance
company affiliate accounts. CINV also provides investment advisory services to clients that are
CLOs. With respect to the CLOs, investors must qualify as “qualified purchasers” as defined in
Section 2(a)(51)(A) of the Investment Company Act, including insurance companies and other
financially sophisticated institutional and individual investors. Additional details regarding investor
criteria, including any minimum account requirements or the Adviser’s ability to waive a minimum
investment, are in the applicable governing documents of each client. In addition, at least initially,
the only investors in the CLOs are CINV’s affiliated insurance companies.

CINV does not require any minimum asset value or account size for opening or maintaining an
account.