Agincourt Capital Management LLC

Item 5           Fees and Compensation

Description
Fees are negotiable for certain customized investment services at the sole discretion of Agincourt;
however, for most investment strategies fees are not negotiable. For most of our clients, the fees charged
for our investment advisory services are based on a percentage of the total assets under management at
the end of each quarter. These fees are billed quarterly, computed from the following annual schedule.
Fixed Income
0.25% on the first $25 Million of assets
0.20% on the next $75 Million of assets
0.15% on the next $50 Million of assets
0.10% on the next $50 Million of assets
0.05% on the balance

Special Customized Investment Services
Fees vary from 0.25% to 0.04% on all assets, depending on the assignment.
Compensation is payable in accordance with the terms of the Investment Management Agreement. We
generally request payment of fees at the end of each quarter for which services are provided; however,
certain clients have arranged to prepay our compensation at the beginning of the quarter for the
application quarter. (See “Termination of Agreement” above.)
Fee Billing
Investment management fees are typically billed quarterly in arrears, meaning we send an invoice to
clients after the three-month billing period has ended. Payment in full is expected upon invoice
presentation. Invoices are usually sent to the client contact, or the custodian if directed by the client. The
client, or their designee, receives a copy of any invoice. For some clients, on request, we calculate and
directly withdraw our management fees from the custodian. These clients receive detailed invoices which
illustrate the fees and calculation details. Agincourt does not have custody of client assets or funds outside
of this practice. For most clients, our fees are paid either directly by the client or by the client’s custodian
at the client’s direction after the receipt of our invoice.
Other Fees
The custodians selected by our clients’ various assets and securities, including cash equivalents, may
charge various custodian, transaction, or other fees for maintaining client accounts. We have no control
over and receive no portion of such fees. Finally, broker-dealers executing a transaction for a client
generally receive a bid-ask spread, charge commissions or other transaction-based fees. (See the
discussion of Brokerage Practices regarding how we select broker-dealers). We do not charge any fees
other than the asset based or performance-based fees described in our Investment Management
Agreements – specifically, we do not charge wrap fees or commissions for our services.

Item 7          Types of Clients

Description
We generally provide investment advice about fixed income portfolios to pension and profit-sharing
plans, state or municipal government entities, charitable organizations, corporations or business entities,
and insurance companies. We also have a small number of trusts, estates, or individuals as fixed income
clients. We do act as a sub-adviser for fixed income mutual funds.
Client relationships vary in scope and length of service.
Account Minimums
The minimum account size is $5 million of assets under management. We have the discretion to waive
the account minimum and have done so in the past.