Sovereign Investment Advisors LLC

Item 5 – Fees and Compensation

Investment Advisory/Portfolio Management Services
Our fee for portfolio management services is based on a percentage of your assets we manage
and is set forth in the following fee schedule:

 Assets Under Management                          Annual Fee
 1,000,000 to 15,000,000                          1.00%
 15,000,001 to 75,000,000                         0.50%
 75,000,001 to 120,000,000                        0.35%
 120,000,001 or higher                            0.20%

Our minimum account size is $1,000,000 and may be waived at our sole discretion.

Our annual investment advisory fee is billed and payable in arrears (either monthly or
quarterly), based upon a percentage of the total assets under management, including money
market balances on the last trading day of each calendar month or quarter. We utilize
margin accounts and assess fees on your “gross” assets. In other words, we will charge fees
on the amount of assets in the underlying client account to include the margin portion of the
account. For example, in an account reflecting $100K in equities, but $25K is attributable to
margin, we will include the full $100K when determining our advisory fee.

Our annual investment advisory fee is negotiable, depending on individual client circumstances.

Alternatively, and under special circumstances, we will charge an annual fixed fee for our
investment management services. These fees typically range from $15,000 to $200,000.

If the portfolio management agreement is executed at any time other than the first day of a
calendar quarter, our fees will apply on a pro rata basis, which means that the advisory fee is
payable in proportion to the number of days in the quarter for which you are a client. Our
advisory fee is negotiable, depending on individual client circumstances.

We will send you an invoice for the payment of our advisory fee, or we will deduct our fee
directly from your account through the qualified custodian holding your funds and securities.
We will deduct our advisory fee only when you have given our firm written authorization
permitting the fees to be paid directly from your account. Further, the qualified custodian will
deliver an account statement to you at least monthly or quarterly. These account statements
will show all disbursements from your account. You should review all statements for accuracy.

You may terminate the portfolio management agreement upon 30-day written notice to our
firm. You will incur a pro rata charge for services rendered prior to the termination of the
portfolio management agreement, which means you will incur advisory fees only in proportion
to the number of days in the month or quarter for which you are a client. If you have pre-paid
advisory fees that we have not yet earned, you will receive a prompt prorated refund of those
fees.

Reimbursable Expenses
NOTE: This section is applicable only to new institutional clients who become clients of the Firm
starting on 6/4/2026. It is not applicable to institutional clients who were existing clients before
6/4/2026 or to individuals/retail clients.

In situations where travel to a client’s on-site location is deemed necessary, we will assess the
client reimbursement for reasonable, necessary, and properly documented out-of-pocket
expenses incurred by SIA and/or its personnel in connection with the performance of services
associated with an on-site visit. Such expenses include, but are not limited to, travel expenses
(including airfare, lodging, ground transportation, and meals), meeting-related costs,
conference or event expenses directly related to Client engagements, and other miscellaneous
expenses reasonably incurred in servicing Client’s Account(s).
Pursuant to this practice, we will invoice your Custodian directly for reimbursable expenses
and the Custodian will deduct such expenses directly from your account. We will provide you
with an itemized statement describing the nature and amount of such expenses at or prior to
the time these charges are deducted from your account.

Selection of Other Advisers

Advisory fees charged by TPMMs are separate and apart from our advisory fees. Assets
managed by TPMMs will be included in calculating our advisory fee, which is based on the fee
schedule set forth in the Portfolio Management Services section in this brochure. Advisory fees
that you pay to the TPMM are established and payable in accordance with the brochure
provided by each TPMM to whom you are referred. These fees may or may not be negotiable.
You should review the recommended TPMM's brochure and take into consideration the
TPMM's fees along with our fees to determine the total amount of fees associated with this
program.

You may be required to sign an agreement directly with the recommended TPMM(s). You may
terminate your advisory relationship with the TPMM according to the terms of your agreement
with the TPMM.

You should review each TPMM's brochure for specific information on how you may terminate
your advisory relationship with the TPMM and how you may receive a refund, if applicable. You
should contact the TPMM directly with questions regarding your advisory agreement with the
TPMM.

Pension Advisory Services
Our advisory fees for these customized services will be negotiated with the plan sponsor or
named fiduciary on a case-by-case basis but typically mirror our fee schedule set forth in the
Portfolio Management Services section above.

You may terminate our pension advisory agreement upon 30-day written notice to our firm in
accordance with the terms of the agreement for services. The pension advisory fees will be
prorated for the month or quarter in which the termination notice is given, and any unearned
fees will be promptly refunded to the client.

Additional Fees and Expenses
As part of our investment advisory services to you, we will invest, or recommend that you
...

Item 7 –Types of Clients

SIA provides advisory services to the following types of clients:

       • Native American Tribes
       • Native American Corporations or other businesses not listed above
       • 401K Retirement Plans
       • Nonprofit entities with an explicit Native Mission
       • Individuals and Families
In general, we require a minimum of $1,000,000 to open and maintain an advisory account. At
our discretion, we may waive this minimum account size. For example, we may waive the
minimum if you appear to have significant potential for increasing your assets under our
management. We may also combine account values of related accounts to meet the stated
minimum.