Dean Investment Associates LLC

Item 5       Fees and Compensation
INDIVIDUAL PORTFOLIO MANAGEMENT FEES
Dean Investments is compensated for investment management services based upon a percentage of assets under
management. Although fees may be negotiable in certain instances, the standard fee schedule is as follows:
                                                                          Basis Points
                                    Account            $0-2       $2-5        $ 5 - 10         Over $ 10
       Style                        Minimum            Million    Million     Million           Million

        Large                   $ 250,000                 75         70           65         Negotiated
        Multi                   $ 250,000                 85         80           75         Negotiated
        Mid                     $ 500,000                100         95           90         Negotiated
        Small                 $ 3,000,000                100         95           90         Negotiated
        Equity Income           $ 250,000                 75         70           65         Negotiated
        Fixed                   $ 250,000                 35         30           25         Negotiated
        Balanced >=50% equity   $ 250,000                 70         65           60         Negotiated
        Balanced <50% equity    $ 250,000                 50         45           40         Negotiated

The minimum account size may be negotiable under certain circumstances. Dean Investments may also group
certain related client accounts for the purposes of achieving the minimum account size and determining the
annualized fee.

Portfolio management clients of our firm who also invest in the Dean Funds will pay only those fees charged to
investors by the Dean Funds, i.e., the value of the client's investment in the Dean Funds is excluded from our
quarterly portfolio management fee calculation.

MUTUAL FUND PORTFOLIO MANAGEMENT FEES
Dean Investments charges an asset-based fee for mutual fund investment management. The fee arrangement,
termination, and refund policies are detailed in the agreement between Dean Investments and the mutual fund and
are described in the Dean Fund's prospectus and Statement of Additional Information ("SAI").

GENERAL INFORMATION
Calculation of Advisory Fee: With respect to individual investment management services, fees are determined by
calculating the market value of each portfolio (including money market funds) as of the last day of the preceding
quarter, multiplied by the annual management fee and prorating that amount over the actual number of days in the
quarter. Quarterly fees are billed in advance, and invoices are generated at the beginning of each quarter. For
individual clients, Dean Investments may either invoice the clients directly, or the client may direct the custodian to
debit the client account to pay the advisory fee, at the client's choice and direction. Where portfolios are managed
for several related entities, Dean Investments may combine quarterly values of the related portfolios for fee
computation purposes. Fee deduction authority alone does not constitute custody, and safeguards are in place as
described in Item 15.

Termination of the Advisory Relationship: Any client of Dean Investments who wishes to terminate our services
must provide written notification of the termination. As disclosed above, management fees are paid in advance of
services provided. Upon termination of any account, any prepaid, unearned fees will be promptly refunded. In
calculating a client's reimbursement of fees, we will prorate the reimbursement according to the number of days
remaining in the billing period.

Mutual Fund and Other Fees: All fees paid to Dean Investments for investment advisory 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, a
possible distribution fee, and other fund expenses as described in the prospectus. Clients are also responsible for
the fees and expenses charged by custodians and imposed by broker dealers. Please refer to the "Brokerage

Practices" section (Item 12) of this Form ADV for additional information.

Wrap Fee Programs and Separately Managed Account Fees: Although Dean Investments does not sponsor a
wrap fee program, we may function as a wrap fee manager for certain wrap fee programs sponsored by other firms.
In a wrap fee arrangement, clients pay a single fee for advisory, brokerage and custodial services, and so portfolio
transactions are executed without a commission charge pursuant to the wrap fee arrangement. For those wrap
accounts we manage, we may manage the respective account a bit differently given the absence of separate
brokerage fees, and our management fee may be adjusted depending on the contract with the wrap program
sponsor. Clients participating in separately managed account programs may be charged various program fees by
the program sponsor in addition to the advisory fee charged by our firm.

Item 7       Types of Clients
Dean Investments provides advisory services to individuals, trusts, estates, investment companies, retirement
plans, charitable organizations, government organizations, and businesses.

As previously disclosed in Item 5, our firm has established certain initial minimum account requirements, based on
the nature of the service(s) being provided. The minimum account size may be negotiable under certain
circumstances.