Loudon Investment Management LLC

Item 5        Fees and Compensation

                           INVESTMENT SUPERVISORY SERVICES ("ISS")
                           INDIVIDUAL PORTFOLIO MANAGEMENT FEES

The annualized fee for Investment Supervisory Services are charged as a percentage of assets under
management, according to the following schedule:

                    1.2% on the first $500,000
                    1.0% Thereafter
                    Negotiable on larger portfolios.

A minimum fee of $6,000 per year is charged for our services. This fee minimum may be negotiable
under certain circumstances. For instance, Loudon Investment Management, LLC may temporarily waive
the minimum if account growth is anticipated or may group-related client accounts to achieve the
minimum account size to determine the annualized fee.
Unless otherwise negotiated with the client, our fees are billed semi-annually in the middle of each
billing period. Fees are based on the starting value of the client's account as of December 31 and June
30. The starting date is adjusted for any new accounts that are added in the middle of the period and
are billed proportionately. Additional adjustments may be made for large cash additions, withdrawals,
excess reserves held as cash or equivalents over the periods, and estimated taxes on realized gains, and
fees are pro-rated accordingly. Fees are usually deducted directly from the account in accordance with
client authorization.

Limited Negotiability of Advisory Fees: Although Loudon Investment Management, LLC has established
the aforementioned 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.
The specific annual fee schedule is identified in the contract between the adviser and each client.

We may group certain related client accounts for the purposes of achieving the minimum account size
requirements and determining the annualized fee.
Discounts, not generally available to our advisory clients, may be offered to family members and friends
of associated persons of our firm.

                            INVESTMENT SUPERVISORY SERVICES ("ISS")
                          INDIVIDUAL ETF PORTFOLIO MANAGEMENT FEES
The annualized fee for Investment ETF Supervisory Services is charged as a percentage of assets under
management, according to the following schedule:

                     .75% of assets
                     Negotiable on larger portfolios

Unless otherwise negotiated with the client, our fees are billed semi-annually in the middle of each
billing period. Fees are based on the starting value of the client's account as of December 31 and June
30. The starting date is adjusted for any new accounts that are added in the middle of the period and
are billed proportionately. Additional adjustments may be made for large cash additions, withdrawals,
excess reserves held as cash or equivalents over the periods, and estimated taxes on realized gains, and
fees are pro-rated accordingly. Fees are usually deducted directly from the account in accordance with
client authorization.

Limited Negotiability of Advisory Fees: Although Loudon Investment Management, LLC has established
the aforementioned fee schedule, 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.
The specific annual fee schedule is identified in the contract between the adviser and each client.

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

Discounts, not generally available to our advisory clients, may be offered to family members and friends
of associated persons of our firm.

                                         GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement may be canceled at any time, by either
party, for any reason upon receipt of 30 days written notice. As disclosed above, certain fees are paid in
advance of services provided. Upon termination of any account, any prepaid, unearned fees will be
promptly refunded.

Mutual Fund Fees: All fees paid to Loudon Investment Management, LLC 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. A client could invest in a
mutual fund directly, without our services. In that case, the client would not receive the services
provided by our firm 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 our fees to fully

understand the total amount of fees to be paid by the client and to thereby evaluate the advisory
services being provided.

Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible for the fees
and expenses charged by custodians and imposed by broker dealers, including, but not limited to, any
transaction charges imposed by a broker dealer with which an independent investment manager effects
...

Item 7        Types of Clients

Loudon Investment Management, LLC provides advisory services to the following types of clients:

    •   Individuals (other than high-net-worth individuals)
    •   High net worth individuals
    •   Charitable organizations
    •   Other

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. For a more detailed understanding
of those requirements, please review the disclosures provided in each applicable service.