National Muni Composite Disclosures

Compliance Statement

Stamper Capital & Investments, Inc. (SCI) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS^â).

The Firm

Stamper Capital & Investments, Inc. (SCI) is a wholly-owned, independent investment management firm formed in 1995 by B. Clark Stamper to manage fixed income portfolios for mutual funds, institutions, and high net worth private accounts. SCI has been a Registered Investment Adviser, under the Investment Advisor’s Act of 1940, since June 1995. For the purposes of Global Investment Performance Standards (GIPS), SCI is defined as the entire corporation and all of its assets under management. A complete list and description of SCI’s composites is available upon request.

Investment Discretion

All portfolios are included as discretionary unless a client has specifically withheld discretion.

The Composite

The Stamper High Grade Federal Tax-Free Municipal Composite (the “National Muni Composite”) comprises of all discretionary private client portfolios managed by the Firm with a focus on investing in federal tax – free municipal bonds. Portfolios in the National Muni Composite may not be comprised solely of bonds from any singular state or territory. The National Muni Composite also contains a 5% allocation of each portfolio’s balances of cash and cash equivalents. All portfolios have a minimum initial portfolio size of $1 million but are not excluded later if the balance falls below the initial minimum. For dispersion calculations, new accounts are included starting from their first full month under management by the Firm; closed accounts are included through their last full month under management by the firm. Dispersion is measured using an equal weighted standard deviation of returns of the portfolios.

Valuation

Municipal bonds are valued at month-end by either JJ Kenny or Muller Data (IDC). Prices are USD-denominated.

Calculation of Performance Returns

Returns are presented in United States Dollars. New accounts are included in return calculations from the inception date of the account, and closed accounts are included through the last date under management by the Firm. Composite returns are calculated monthly using a Daily Discounting Model. The model is used to calculate the return for each portfolio in the composite. These individual returns are then asset-weighted to create the composite return. Quarterly returns are time-weighted rates of return calculated by geometrically linking the composite’s monthly returns. Annual returns are time-weighted rates of return calculated by geometrically linking the composite’s quarterly returns. Returns are presented in both gross and net-of-fee format. Gross returns are after transaction costs but are before management fees. Investment advisory fees will reduce client’s returns. Fees are hypothetically taken out of non-fee paying accounts when reporting net-of-fee returns. Additional information regarding policies for calculating and reporting returns is available upon request.

Investment Management Fees

Current investment advisory fees are as follows:

Individuals: Advisory Fees

On the first $1,000,000	.60 of 1% per annum
On the next $1,000,000	.50 of 1% per annum
On the next $5,000,000	.40 of 1% per annum
On balances over $7,000,000	Negotiable

Individuals with a Broker: Advisory Fees

On the first $1,000,000	.50 of 1% per annum
On the second & third $1,000,000	.40 of 1% per annum
On the fourth+ $4,000,000	.30 of 1% per annum

Benchmark

The Lehman Brothers 3-Year Municipal Bond Index (the “Index”) covers the USD-denominated investment grade 3-year tax-exempt bond market, consisting of municipal bonds with maturities of 2 through 4 years. The Index is unmanaged and cannot accommodate direct investment. The Index does not incur management fees, transaction costs, or other expenses associated with separately managed accounts in this style.

Notes to Composite

As defined by GIPS, the “creation date” of the composite is December 2006; the “inception date” is January 1995. The composite data is GIPS compliant from August 2000 onward. Prior to that returns were solely based on municipal bond returns; returns on cash and cash equivalents were not included. Clients or prospective clients should not assume that they will have an investment experience similar to that indicated by past performance results. Returns may vary based upon differences in account size, differences in actual bonds in the accounts, timing of transactions, and market conditions at the time of investment. This information should not be considered as investment advice or a recommendation to buy or sell any particular security. While every effort has been made to verify the information contained herein, we make no representations as to its accuracy. Past performance does not predict future results.