Scout's investment advisory fees vary depending on the client type and investment strategy, generally based on a percentage of assets managed. Fees are billed quarterly unless otherwise stated. All fees are negotiable and may vary based on client type, total assets managed, or specific investment objectives. If advisory services are terminated before the end of a billing period, unearned fees will be reimbursed. Separately managed account clients generally do not pay an investment advisory fee directly to Scout; instead, the sponsor pays Scout’s advisory fee out of the proceeds of the “wrap fee” that the clients pay to the wrap sponsor.