Item 5. Fees and Compensation
With respect to the Private Fund being advised by the Adviser, the Adviser anticipates being paid a monthly
management fee calculated at an annual rate of (i) 0.40% per annum of the net assets of the Partnership
corresponding to Series 1 capital accounts, (ii) 0.25% per annum for Series 2 capital accounts, (iii) 0.75%
per annum for Series 3 capital accounts, and (iv) 0.65% per annum for Series 4 capital accounts. The
management fee for the Fund is expected to be paid monthly in arrears based on the value of the net assets
of the Partnership as of the end of such month and prior to recording withdrawals as of the end of such
month. The management fee may be waived or modified for limited partners that are affiliates or employees
of the Adviser, relatives of such persons, and for private investment funds affiliated with the Adviser.
The Adviser (or an affiliate of the Adviser) anticipates receiving an incentive fee or incentive allocation from
each Series 2 capital account at a rate of 10% of the net profits attributable to such Series 2 capital account
(the “Incentive Allocation”), subject to a loss carryforward mechanism. There will be no Incentive Allocation
with respect to Series 1, Series 3, or Series 4 capital accounts. The Adviser (or an affiliate of the Adviser)
may allocate a portion of its Incentive Allocation to one or more special limited partners as designed by
separate agreement. The Incentive Allocation may be waived or modified for limited partners that are
affiliates or employees of the Adviser, relatives of such persons, and for private investment funds affiliated
with the Adviser.
With respect to the Accounts, the Adviser has discretion to negotiate the terms of investment management
agreements it enters into with each of the Accounts, including termination provisions.
The following fee schedules will generally apply to the Accounts that use the Adviser’s global alternatives
program, managed futures program, managed futures replication program, and global macro program: (1)
0.80% on the first $100 million of assets under management and 0.65% on the balance for the Adviser’s
global alternatives program, (2) 0.75% on all assets under management for the Adviser’s managed futures
program, (3) 0.65% on all assets under management for the Adviser’s managed futures replication program,
and (4) a management fee of 1.5% on all assets under management and a 20% incentive fee for the
Adviser’s global macro program.
The Adviser may, in its discretion, enter into different fee arrangements with any Account.
For its advisory services or subadvisory services, as appropriate, to each of Global Alternatives Fund,
Managed Futures Strategy Fund, Managed Futures ETF, Global Macro ETF, GuidePath Fund, Multi-
Manager Fund, Multi-Asset Fund, and UCITS Fund, the Adviser is paid an advisory fee pursuant to an
investment advisory agreement with each such fund; and for details of such information, please see each
such fund’s prospectus and/or statement of additional information, which are publicly available.
Model Portfolio Users may be subject to a fee of up to 0.40% of their respective assets that use the Adviser’s
asset allocation models. The Adviser may, in its discretion, enter into different fee arrangements with any
Model Portfolio User.
There are various methods by which the Adviser receives the investment management fees from its clients.
The Adviser bills certain clients for investment management fees, whereas certain other clients arrange
their independent administrators to deduct the investment management fees from such clients’ accounts.
If the advisory contract with a client is terminated, any pre-paid fees are refunded in accordance with each
client’s offering documents or investment management agreement as applicable.
In addition to paying investment management fees and, if applicable, performance-based fees or other
compensation, client accounts will also be subject to other investment expenses including (if applicable):
legal, audit and accounting expenses (including third-party accounting services); administrator fees and
expenses; directors’ fees and expenses (if any); organizational expenses; investment expenses such as
commissions, research fees and risk analysis system expenses (including research-related travel); interest
on margin accounts and other indebtedness; borrowing charges on securities sold short; custodial fees; and
any other expenses reasonably related to the purchase, sale or transmittal of assets of client accounts.
In accordance with a client’s specific instructions with regard to cash management, certain client assets
may from time to time be invested in money market mutual funds or other money market instruments. In
the case of money market mutual funds, the client will bear its pro rata share of the investment management
fee and other fees of the fund, which are in addition to the investment management fee paid to the Adviser.
Certain client assets are invested in a master-feeder structure. Feeder funds bear a pro rata share of the
expenses associated with the related master fund. In addition, clients will incur brokerage and other
transaction costs. Please refer to Item 12 of this Firm Brochure for a discussion of the Adviser’s brokerage
practices.
In certain cases, the Adviser manages client accounts for its affiliates on a no-fee basis.