Alamo Advisors LP

Item 5 Fees and Compensation

                          INVESTMENT ADVISORY SERVICE FEES

Alamo's fee for this service does not include the independent investment adviser's fee for that
entity's advisory/management services. The independent investment adviser's management
fee is disclosed in the independent investment adviser's Firm Brochure or other disclosure
document.

Our annual fee for our Investment Advisory Service is charged as a percentage of assets
under management, according to the following schedule:

          Assets Under Management                                   Annual Fee
           First $1,000,000 of assets                                 1.00%
           Next $2,000,000 of assets                                  0.75%
           Next $2,000,000 of assets                                  0.50%
           Next $5,000,000 of assets                                  0.35%
           Next $5,000,000 of assets                                  0.25%
           Additional assets over $15,000,000                         0.20%

A minimum account size of $5,000,000 is required for Alamo’s advisory services. This
account size may be negotiable under certain circumstances. Alamo may group certain
related client accounts for the purpose of achieving the minimum account size and
determining the annualized fee.

Alamo’s advisory fees are billed in advance each quarter. The standard fee schedule above,
or if applicable a fee schedule different than above, shall be applied to a client’s account values
based on the particular calendar quarter end date. The fee is then divided by four and applied
evenly at a rate of ¼ (25%) for each calendar quarter.
The fee billing process relies on the use of Microsoft Excel to calculate the correct amount of
the quarterly fee for each client, and Microsoft Excel is also used to then generate the invoice
that is sent to the respective client.

The Firm will review the client’s particular fee arrangement as shown in the client’s fee
agreement. The client’s fee schedule will then be applied to the Microsoft Excel worksheet for
that particular client. Each quarter, the Firm will review each client’s fee arrangement to
confirm if there have been any changes in the particular client’s fee schedule. If there has
been a change in a client’s fee arrangement, as noted in updated fee agreement with the
client, then this updated fee schedule will be used for the next quarterly fee calculation. To
prevent errors, every calendar quarter at least two people from the Firm will review the client’s
fee agreement and the Microsoft Excel spreadsheet to confirm that the fees being used match
from the two sources.

The values used to calculate the fees will be the value as determined by the client’s custodian
as of each calendar quarter end statement.

For accounts that hold fixed income securities, the value of the accrued interest income will
be included in the client’s account value.

For accounts that hold private offerings, in many cases the current value of a private offering
will not be made available in a timely manner. For example, as of the end of calendar quarter
March 31, 2024, the most recent fair market value statement for a private offering may only be
September 30, 2023, or December 31, 2023. In these situations, the most readily available
quarter-end fair market value statement for such private offering will be used for purposes of
the Firm’s billing.

There are no adjustments made for fee purposes for deposits or withdrawals during each
calendar quarter.

In each client agreement, the Firm has the right to begin charging pro-rated fees for the first
calendar quarter during which a client’s assets are received in a custodial account under the
oversight of the Firm. However, in practice, the Firm generally refrains from preparing a pro-
rated fee calculation for this first quarter that it oversees a client’s assets, and instead begins
to bill for the first calendar-end for which a client’s assets are held in accounts under the
oversight of the Firm.

The firm stops charging fees for the last full quarter that it provides investment advisory
services to a client.

Periodically, the Firm will consider various family related accounts together for purposes of
calculating and applying fee schedules to each client that allows for all family members the
ability to receive a discount to the Firm’s standard fee schedule. In this case, the fees are
calculated by adding the combined value of all family accounts, and then applying this value
to the Firm’s standard fee schedule. Once this calculation has been done, a pro-rated
calculation is done whereby each client’s account values are used to determine that client’s
share of the total fees that are owed.

In certain circumstances, the Firm will allow a client to use a cross-billing arrangement
whereby a client’s fees are deducted by an account in a different client name. In all cases,
the accounts are part of a family group of related accounts. This structure is primarily utilized
for tax planning reasons with certain clients.

The Firm will allow its fees to be debited from a client’s margin account only when the margin
has been previously approved by the client.

The Firm’s investment advisory service fees are billed in advance of each calendar quarter.

The Firm will prepare a new client fee agreement each time there is a change in the client’s
fee arrangement. This generally happens when a client’s fee is reduced due to the combining
of related family accounts for combined fee calculation purposes.

The Firm does not make any recommendations to clients with regard to non-managed assets
that are held in a client’s account. The Firm does not provide any investment advice on these
assets, nor does the Firm bill on such assets. The decision to buy, hold, or sell these assets
must be made by the client based on research that the client has performed on their own.
...

Item 7 Types of Clients

Alamo provides advisory services to the following types of clients:

       High net worth individuals
       Charitable organizations

As previously disclosed in Item 5, our firm has established certain minimum account
requirements, based on the nature of the service(s) being provided. For a more detailed
understanding of those requirements, please review the disclosures provided in each applicable
service.