Item 5 – Fees and Compensation
Advisory Fees
For Discretionary Accounts, Auribeau charges an advisory fee billable at the end of each quarter.
The quarterly fee is based on a contractually agreed-upon percentage of the average of the valuation
of the portfolio during the quarter, except that the fee will be pro-rated to reflect actual number of
days the account was under management for any period where the account was not under
management for the full quarter. The percentage charged for investment advisory accounts varies
with the scope of services provided, is negotiated on an individual basis, and is paid at the end of the
period. This percentage varies from 0.25% to 1.00%. In the event a client’s assets are invested in
mutual funds, the client, in effect, pays a fee both to Auribeau and to the mutual fund investment
manager. However, Auribeau does not additionally charge clients for the assets invested in any
Tocqueville Securities, LP (“TS”) mutual fund.
For Discretionary Accounts sub advised by TAM, advisory fees are shared between Auribeau and
TAM.
Auribeau clients may invest in registered or unregistered investment companies selected by Auribeau
or its sub adviser. Such funds will include third party unaffiliated funds, funds that are also managed
by its sub adviser and certain unregistered funds managed by Auribeau’s affiliates.
Fixed Annual Fee
For Non-Discretionary Accounts, Auribeau may charge a fixed annual fee instead of an advisory fee
based upon the scope of engagement.
Other Fees and Expenses
Auribeau’s fees, as noted above, are exclusive of brokerage commissions, transaction fees,
underlying fund management 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 investments
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
management fees, which are disclosed in a mutual fund’s prospectus. Such charges, fees and
commissions are exclusive of and in addition to Auribeau’s fees.