Stegner Investment Associates Inc

Item 5 Fees and Compensation
Investment Advisor Services based on Assets Under Management
Our fee for investment advisor services is based on a percentage of the market value of the assets in
your account and our fees are charged quarterly in advance. The fees are set forth in the following
annual fee schedule:

                                         Annual Fee Schedule

       Assets Under Management                                       Annual Fee
            The first $2,000,000                                        1.00%
         $2,000,000 to $4,000,000                                       0.80%
          $4,000,000 to $6,000,000                                      0.60%
       Assets greater than $6,000,000                                  0.40%
       Minimum Annual Account Fee                                    $10,000/year

Our annual fee for investment advisor services is based on the market value of your assets under our
management as stated above. All assets in each account included on your investment
advisor agreement are included in the fee calculation unless specifically identified in writing for
exclusion.

Our annual investment advisor fee is billed and payable, quarterly in advance, based on the
custodian's balance for the applicable account at the end of the billing period. Your annual fee is
divided by four to determine your quarterly fee. Accrued income is not included in the custodian's
balance used to calculate your quarterly fees. Our minimum fee is $2,500 quarterly, however, based
upon the specific situations of your accounts this minimum may be waived at our discretion.

Some existing clients pay a different fee than that listed above. This is because they have an older
investment advisor agreement with a different fee schedule. These clients were "grandfathered" so
their fees did not change when we updated our fee schedule. We also have the ability to negotiate a
different fee schedule with our clients based on the complexity of their accounts or for some other
reason. This is a decision made by SIA.

Investment Advisor Services Provided at a Fixed Fee
Our fee for investment advisor services can also be based on a fixed fee agreed upon between you
and us. These fees vary based on the complexity of your financial situation, the agreed upon services
we provide you and the assets under management. The frequency of billing may vary depending on
the services provided under the fixed fee agreement. The fee can either be charged annually and
billed quarterly in advance. Or, in the event of a project-based fee, the fee may be a one-time fee.
Project-based fees are dependent on the scope of the engagement and the complexities and time
required for the project.

We provide some clients a more limited scope of services at a lower minimum amount, billed quarterly
in arrears. Generally, these clients do not meet our current account minimums.

General Fee Information
The only compensation that SIA receives for our services is paid directly by our clients. We do not
receive “soft-dollars” or “12b-1” fees from the investment managers we select. We believe this principle
ensures our clients that we are completely objective in the selection of managers for their assets.

If the investment advisor 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.

We often combine the account values to determine the applicable advisory fee. Combining account
values may increase the asset total, which may result in your paying a reduced advisory fee if you
reach the next available breakpoint in our fee schedule.

All clients will receive an invoice showing the calculated amount of our advisory fee. If you have
provided written authorization allowing fees to be withdrawn from your account, fees will be deducted
through the qualified custodian holding your funds. For clients that have chosen to pay by check,
payment is due upon receipt of the invoice. The qualified custodian will deliver an account statement to
you at least quarterly. These account statements will show all disbursements from your account,
including our advisory fees. You should review all statements for accuracy.

We encourage you to reconcile our invoices with the statements you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statement you receive
from your custodian, call our main office at 502-895-0122.

You may terminate the investment advisor agreement upon 30 days' written notice to our firm. You will
incur a pro rata charge for services rendered prior to the termination of the investment advisor
agreement, which means you will incur advisory fees only in proportion to the number of days in the
quarter for which you are a client. If you have prepaid advisory fees that we have not yet earned, you
will receive a prorated refund of those fees.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds as described in each fund's prospectus to its shareholders. These fees will generally
include a management fee and other internal fund expenses. You may also incur transaction charges
and/or brokerage fees when purchasing or selling securities through your custodian. These charges

and fees are typically imposed by the custodian through which your account transactions are executed.
We do not share in any portion of the brokerage fees or transaction charges imposed by the broker-
dealer or custodian. To fully understand the total cost you will incur, you should review all fees charged
...

Item 7 Types of Clients
We offer investment advisory services to corporations, high net worth individuals, pension and profit-
sharing plans, plan participants for self-directed accounts, and charitable organizations.

In general, we require a minimum account size of $1,000,000 to open and maintain an advisory
account which can be waived at our discretion.