Ziegler Capital Management LLC

Item 5 - Fees and Compensation
ZCM bases its investment management fees on a percentage of assets under management. Generally,
we provide advisory services on an individualized basis, based on the particular needs of each client.

Accordingly, fees will be negotiated with each individual client depending on the nature of services to be
provided, the type of client, other assets the client may have invested with us, and other relevant factors.
We generally have established investment advisory fees in accordance with the schedules below. Fees are
for advisory services only, unless otherwise indicated. We will directly invoice clients for investment
management fees. We may amend our fee schedule with our advisory contracts.

Investment Management Services Fees
Non-investment company clients compensate ZCM on a quarterly basis for account management services
in accordance with the following fee schedule, which is based upon the types of securities managed and
assets under management in their accounts:

                                                                   Maximum
                      Account Type                                 Annual Fee
                      Equity                                         1.00%

                      Balanced                                       1.00%

                      Fixed Income                                   1.00%

                      Enhanced Cash                                  0.50%

                      Options                                        0.50%

                      Covered Call                                   0.50%

These fees represent the maximum fees charged. Fees are negotiated on a relationship basis. While the
fee schedule above represents the majority of the products and services offered to most of our clients,
there are specialized products and/or services provided based on specific client mandates for which there
is no set fee schedule. Fees for those accounts are not represented in this document and generally are
negotiated with the client on a case-by-case basis.
Depending on the account, nature of investment strategy and/or the volatility in the size of the account
based upon withdrawals or additions, ZCM will charge an advisory fee for its management services using
one of the following calculations:
    1. In Advance. A quarterly fee will be billed in advance based on the market value of assets under
       management at the beginning of each calendar quarter. For agreements beginning intra-quarter,
       the initial fee will be based on the market value on the account inception date and will be prorated
       based on the number of days in the billing period.

        In the event of contract termination, the fee shall be prorated to the date of termination. No fee
        adjustment will be made during any fee period for appreciation or depreciation in account asset
        value during that period.
    2. In Arrears. The quarterly fee will be billed in arrears for the previous quarter based on the market
       value of assets under management on the last business day of the previous quarter. For

        agreements beginning intra-quarter, the initial fee will be based on the market value of the
        account inception date and will be prorated based on the number of days in the billing period.

        In the event of contract termination, the fee shall be prorated to the date of termination. If assets
        are withdrawn during the quarter, ZCM may prorate the fee for the number of days services were
        provided during the quarter prior to the withdrawal.
    3. Averaging.
            a. Average Capital Base: Using this method, the management fee for the first calendar
               quarter is calculated on the average capital base of the assets placed under its supervision
               and determined as of the last day of the calendar quarter. The average capital base is
               calculated using the beginning market value of the account and adding to this value the
               time-weighted net contributions and withdrawals of capital during the quarter in order
               to determine the billable asset value. Management fees charged by ZCM on subsequent
               calendar quarters will be calculated on the average capital base of the account as
               determined at the close of business on the last business day of each calendar quarter.
               Such fees shall be calculated using the prior quarter-end market value, and adding to this
               value the time-weighted net contributions and withdrawals of capital during the last
               quarter to determine the billable asset value.
            b. Average Market Value: Fees are calculated on a quarterly basis, in arrears, based on the
               average of the market values in the current billing period.
    4. Incentive allocation. Allocations are calculated on an annual basis, in arrears, based on the
       calculation of net profits or net losses during the period, provided all previous net losses have not
       been subsequently offset by net profits.
With the exception of incentive allocations, fees are charged on the billable asset value at an annual rate,
and one quarter (1/4) of the annual fee is payable as of the close of each calendar quarter. Termination
of an advisory agreement can occur upon written notice by either party to the other and becomes
effective in 30 business days after the notice date, or as outlined in the client’s investment management
agreement.
The fee schedules above do not apply to accounts in Wrap Programs or Model Programs. More
information about ZCM’s billing practices is detailed in the investment management agreement. Clients
should review the fees and billing practices with ZCM.

Fees for Advised or Sub-Advised Mutual Funds
The investment advisory fees we receive as an adviser or sub-adviser to mutual funds are described in the
...

Item 7 – Types of Clients/Minimum Account Size
ZCM makes its advisory services available to a wide variety of clients including, but not limited to,
individuals, investment companies, pension and profit-sharing plans, trusts, estates, charitable
organizations, corporations and other business entities, employee benefit plans, foundations, trusts, high-
net-worth individuals, and wrap and model portfolio platforms. ZCM may also act as a sub-adviser to
affiliated or unaffiliated open-end investment companies.
The minimum fee may be negotiated. In general, individually managed accounts are subject to a
$1,000,000 minimum. In Wrap Program accounts, minimum investment sizes range from $25,000 to
$100,000. Outside of Wrap Programs, ZCM’s minimum fee per account is $10,000. ZCM may, in its sole
discretion, waive its minimum account size and/or minimum fee based upon certain criteria (e.g.,
historical relationship, type of assets, anticipated future earning capacity, anticipated future additional
assets, dollar amounts of assets to be managed, related accounts, account composition, negotiations with
clients, etc.).
The minimums set forth above may be waived for mutual fund and variable annuity commission paying
accounts. These guidelines apply only at the start-up of an account and may be waived or changed at our
discretion during the life of the account. There are no restrictions placed on maintaining the account after
start-up. All fees are subject to negotiation, but the minimum fee will not exceed the quoted amount. We
may, at our discretion, accept accounts below the minimum investment provided certain conditions are
satisfied.