Item 5 – Fees and Compensation
As of February 28, 2026, the Adviser advises on a non-discretionary basis $42,878,022.
All fees are subject to negotiation.
The specific manner in which fees are charged by Adviser is established in a client’s written
agreement with Adviser. Adviser will generally bill its fees on a monthly or quarterly basis. Clients
may elect to be billed in advance or arrears. Clients may also elect to be billed directly for fees or
to authorize the Adviser to directly debit fees from client accounts. Management fees shall [or
shall not] be prorated for each capital contribution and withdrawal made during the applicable
calendar period (with the exception of de minimis contributions and withdrawals). Accounts
initiated or terminated during a calendar period will be charged a prorated fee. Upon termination
of any account, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees
will be due and payable.
Adviser’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, third party investment and other third parties such as fees charged by
managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer
and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. Mutual funds and exchange traded funds also charge internal management fees,
which are disclosed in a fund’s prospectus.
Such charges, fees and commissions are exclusive of and in addition to Adviser’s fee, and Adviser
shall not receive any portion of these commissions, fees, and costs.
Item 12 further describes the factors that Adviser considers in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of their compensation (e.g.,
commissions).