Athenainvest Advisors LLC

Item 5: Fees and Compensation
AthenaInvest provides advisory services to clients in several different ways, and thus the fees charged vary by
services offered. Management fees can be calculated by AthenaInvest, the client advisor, the custodian, or the

AthenaInvest Advisors LLC | ADV Brochure | 20250331                                                               Page 5 of 19

model portfolio provider as per the investment management agreement. Please note that lower fees for
comparable services may be available from other sources or providers.

The term “Intermediaries” used herein means affiliated or unaffiliated third-party financial institutions and
investment advisory firms that either:

       • refer their clients (either individual clients or institutional clients) to AthenaInvest; or
       • subscribe to AthenaInvest’s models and / or target portfolios to manage their clients’ accounts or to make
           such models or portfolios available to their clients.

Separate Account Management for Intermediaries
AthenaInvest charges its own management fee, which is separate and distinct from the fee paid by the client to
his or her advisor. AthenaInvest uses the following guidelines for its asset-based annual fee (“Management Fee”)
to clients referred by Intermediaries:

   TOTAL ASSETS (AT THE INTERMEDIARY LEVEL)                         ANNUAL FEE
   $0 - $10 MILLION                                                 1.00%
   $10 MILLION - $25 MILLION                                        0.75%
   $25 MILLION - $100 MILLION                                       0.50%
   ABOVE $100 MILLION                                               NEGOTIABLE

Management Fees will be billed either monthly or quarterly in advance or arrears, as agreed with each
Intermediary. Under this arrangement, clients authorize AthenaInvest to deduct fees directly from their
account(s). With regard to contracts requiring payment in advance, in the event of contract termination before
the end of the relevant billing period, the unearned fees as a percentage of days in the billing period will be
calculated as of the termination date and be refunded to the client in a timely manner.

In general, Management Fees will not exceed 1% of assets under management and are negotiable with
Intermediaries, based on the following factors:

      • Total asset value to be managed on behalf of the Intermediary;
      • Degree of customization needed for the models to be used for the Intermediary’s clients; and
      • The number of accounts to be managed for the Intermediary

Model or Target Portfolios for Intermediaries
AthenaInvest provides model or target portfolios to Intermediaries and uses the following guidelines for the asset
based annual fee (“Portfolio Fee”) to Intermediaries:

   TOTAL ASSETS (AT THE INTERMEDIARY LEVEL)                         ANNUAL FEE
   $0 - $10 MILLION                                                 1.00%
   $10 MILLION - $25 MILLION                                        0.75%
   $25 MILLION - $100 MILLION                                       0.50%
   ABOVE $100 MILLION                                               NEGOTIABLE

Portfolio Fees will be billed either monthly or quarterly in advance or arrears, as agreed with each Intermediary.
Under this arrangement, Intermediaries pay AthenaInvest the Portfolio Fee. With regard to contracts requiring
payment in advance, in the event of contract termination before the end of the relevant billing period, the

AthenaInvest Advisors LLC | ADV Brochure | 20250331                                                             Page 6 of 19

unearned fees as a percentage of days in the billing period will be calculated as of the termination date and be
refunded to the client in a timely manner.

In general, Portfolio Fees will not exceed 1% of assets under management and are negotiable with Intermediaries
based on the following factors:

      • Total asset value of the assets managed according to the model or target portfolios;
      • Degree of customization needed for the models to be implemented by the intermediary; and
      • The number of accounts to be managed by the Intermediary according to the model or target portfolio

Advisory and Sub-Advisory Services for Registered Investment Companies and Institutions
AthenaInvest serves registered investment companies in an advisory or sub-advisory role. Compensation is
determined by the investment management agreement entered into with each entity and is normally based on a
percentage of assets under management. Such contracts are also customarily subject to expense limitation
agreements, the details of which can be found in the fund’s prospectus.

Separate Account Management for Individual Investors
AthenaInvest uses the following guidelines for the asset based annual fee (“Management Fee”) to clients.

   TOTAL ASSETS (AT THE ACCOUNT LEVEL)                           ANNUAL FEE
   $0 - $1 MILLION                                               1.00%
   ABOVE $1 MILLION                                              NEGOTIABLE

Management Fees will be billed either monthly or quarterly in advance or arrears, as agreed with each client.
Under this arrangement, clients authorize AthenaInvest to deduct fees directly from their account(s).

In general, Management Fees will not exceed 1.00% of assets under management and are negotiable with each
client based on the following factors:

      • Total asset value to be managed on behalf of the client;
      • Degree of customization needed for the models to be used; and
      • The number of accounts to be managed for the client.
Clients may elect to pay by check rather than having payment deducted directly from their account(s). If a client
wishes to terminate the client-advisory relationship with us, the client may do so by providing 30 days’ written
notice. For a client who pays in advance, we will prorate the advisory fees received through the termination date
...

Item 7: Types of Clients
AthenaInvest provides investment management services to investment professionals, institutions, and a limited
number of individual investors. We also provide advisory and sub-advisory portfolio management services to
registered investment companies.

Generally, we require that clients initially invest a minimum of $100,000 with us. However, we may waive or
increase that minimum at our sole discretion based on the platform and contractual obligations used to manage
the investment. We may also combine account values for you and your minor children, joint accounts with your
spouse, and other types of related accounts to meet the stated minimum.

Notwithstanding the above, we generally will have the right to terminate an account if it falls below a minimum
size which, in our sole opinion, is too small to effectively manage on an efficient basis.