Hunter Associates Investment Management LLC

ITEM 5            FEES AND COMPENSATION
INVESTMENT ADVISORY FEES
Our annual fees for Individual Portfolio Management are charged quarterly in advance of services rendered. The
calculated fee is a percentage of assets under management according to the following schedule:

INDIVIDUAL PORTFOLIOS FEE SCHEDULE

                                           Maximum fee charged annually

                      0.95% $0.01 to $1,000,000.00 of assets under management
                      0.75% $1,000,000.01 to $5,000,000.00 of assets under management
                      0.60% $5,000,000.01 of assets under management and above
The Investment Advisory annual fee schedule is identified in the executed agreement between Hunter Associates
and each client. The advisory fee charged is determined by the amount of assets under management at the end of
the quarter. Clients separately pay an annual account fee for execution and custodial services. A portion of that fee
goes to Hunter Associates.

We may group certain related client accounts for the purposes of achieving the minimum account size
requirements and determining the annualized fee.

Note: As discussed further below, Hunter Associates may, in its sole discretion, deviate from this schedule for a
particular client. In addition, clients who opened their accounts prior to January 1, 2023, are generally subject to
lower investment advisory fees and will pay the lesser of the fee that would be applicable to such account under
the schedule above and the previous schedule.

DISTRIBUTION SERVICE FEE
Investment advisory clients may have historical mutual fund investments in a share class that pays a fee to Hunter
Associates Investment Management, LCC. Clients may also have investments in certain insurance products that pay
a fee to Hunter Associates Investment Management, LCC. Adviser does not charge an investment advisory fee on
the assets under management pertaining to these types of investment products. These types of investments have
defined limitations that restrict the investment options pertaining to a comparable non-fee-paying security. We
believe waiving the management fee provides the lowest overall cost to the client.

LIMITED NEGOTIABILITY OF ADVISORY FEES
Although Hunter Associates has established 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 complexity of the client, assets to be placed under management, anticipated future additional
assets, related accounts, portfolio style, account composition, reports, among other factors.

MANAGER OF MANAGERS FEES
Our annual fee for the Manager of Managers Program is charged as a percentage of assets under management,
according to the Individual Portfolio Management Standard fees schedule. The fee is negotiated and shared
between Hunter Associates and the selected asset managers according to the Individual Portfolio Management
Standard fees schedule. The portion of the negotiated fee paid to Hunter Associates will not exceed the fees
disclosed in the Individual Portfolio Management Standard fee schedule.

WRAP FEE PROGRAM FEES
In a wrap fee arrangement, clients pay a single fee for advisory, brokerage and custodial services. Client’s portfolio
transactions may be executed without commission charge in a wrap fee arrangement. In evaluating such an
arrangement, the client should also consider that, depending upon the level of the wrap fee charged by the broker
dealer, the amount of portfolio activity in the client’s account, and other factors, the wrap fee may or may not
exceed the aggregate cost of such services if they were to be provided separately. We will review and disclose any
separate program fees that may be charged to clients.

FINANCIAL PLANNING FEES
Financial Planning is generally offered as a value-added service to the advisory client. Based on the nature of the
services being provided and the complexity of each client’s circumstances, a fee may be charged for the financial
plan. All fees are agreed upon prior to entering into a contract with any client. The financial plan is presented to
the client within six months of the contract date, provided that all information needed to prepare the financial
plan has been promptly provided.

CONSULTING SERVICES FEES
Consulting Services fee is determined based on the nature of the services being provided and the complexity of
each client’s circumstances. All fees are agreed upon prior to entering into a contract with any client.

GENERAL INFORMATION

TERMINATION OF THE ADVISORY RELATIONSHIP
An agreement may be terminated at any time, without the payment of any penalty, by Client by giving Adviser (10)
days' written notice addressed to Adviser at its principal place of business. Adviser will terminate the Agreement at
any time after notification is received from Custodian of the transfer of managed client assets. Adviser may
terminate an Agreement at any time by giving Client (10) ten days' written notice addressed to the Client at his/her
principal residence or place of business. In the event of termination of an agreement prior to the end of a quarter,
Client will be entitled to a pro-rata refund of any fees paid, but unearned, on termination. In calculating a client’s
reimbursement of fees, we will pro rate the reimbursement according to the number of days remaining in the
billing period.

MUTUAL FUND FEES
All fees paid to Hunter Associates 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, other fund expenses, and a possible
distribution fee. If the fund also imposes sales charges, a client may pay an initial or deferred sales charge. Some
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ITEM 7            TYPES OF CLIENTS
Hunter Associates provides advisory services to the following types of clients:

    •    Individuals (other than high net worth individuals)
    •    High net worth individuals
    •    Pension and profit-sharing plans (other than plan participants)
    •    Charitable organizations
    •    Corporations or other businesses not listed above

Hunter Associates does not limit clients based on a minimum account value. However, our services are best
utilized for clients with at least $100,000 in investible assets.