Belle Haven Investments LP

ITEM 5. FEES AND COMPENSATION

A. MANAGEMENT FEES AND COMPENSATION

INVESTMENT ADVISORY ACCOUNTS
Belle Haven receives a management fee based on a percentage of assets under management for
providing investment advisory services to separately managed accounts. The Firm does not charge
performance-based fees for investment advisory accounts. The specific management fee rate,
method of calculation, and method of payment are described in the applicable Subadvisory
Agreement or Investment Management Agreement (“IMA”) between Belle Haven and the client, or
between Belle Haven and the client’s primary investment adviser or wrap fee program sponsor.
Management fees are negotiable. As a result, clients invested in the same fixed income investment
strategy may pay different management fees or be subject to different fee schedules.

The table below outlines the maximum management fee that a client may pay to Belle Haven for
providing investment advisory services.

The fee schedule is as follows:

                                  Strategy            Management Fee

                          3-17 Year Ladder                0.50%

                          Cash Management                 0.50%

                                                                                        July 1, 2026

                           Ladder PLUS                     0.50%

                           Muni PLUS                       1.00%

                           Taxable Ladder
                                                           0.50%
                           PLUS

                           Taxable PLUS                    1.00%

BELLE HAVEN AGGRESSIVE MUNI, L.P. (“BHAM”)
Limited partners of BHAM pay a management fee at the rate of 0.3125% per quarter (1.25% per
annum) of each limited partner’s capital account balance. The management fee is accrued monthly
and charged quarterly in arrears. BHAM does not charge a performance-based fee. Belle Haven
reserves the right, in its sole discretion, to reduce or waive all or a portion of the management fee for
any limited partner.

THE MUTUAL FUNDS
The Mutual Fund’s prospectus includes information about the management fees received by Belle
Haven for the investment advisory services provided to each Mutual Fund, as negotiated between
Belle Haven and TAM.

B. METHOD OF CALCULATION AND PAYMENT

Management fees calculated by Belle Haven for providing investment advisory services are accrued
as a percentage of the market value of an account’s assets under management. The management fee
is prorated and billed quarterly in arrears, based on the average portfolio value for the applicable
quarter, which includes cash and accrued interest, unless otherwise directed, and is based on trade
date data provided by the client’s custodian. Depending on the terms of the IMA or Subadvisory
Agreement, the client or the client’s primary investment adviser will authorize and direct the
custodian to pay to Belle Haven the management fee directly from the client’s account upon the
custodian’s receipt of statement or invoice, or Belle Haven will invoice the client or the client’s
primary investment adviser directly for payment. The client’s custodian provides the client with
periodic account statements, at least quarterly, that reflect all transactions in the account, including
management fees deducted.

Management fees not calculated by Belle Haven for providing investment advisory services through
subadvised relationships with other investment advisory firms, consultants, and wrap fee program
sponsors, are accrued as a percentage of the market value of an account’s assets under management.
These management fees are typically prorated and paid quarterly, either in arrears or in advance, and
are deducted from the client’s account by the client’s custodian. In certain instances, management
fees may be deducted on a monthly basis, in accordance with the terms outlined in the Investment

                                                                                       July 1, 2026

Management Agreement (“IMA”) or Subadvisory Agreement between Belle Haven and the client, or
the client’s primary investment adviser or wrap fee program sponsor. The client’s custodian will
deliver to the client at least quarterly a statement of the amounts disbursed from the account,
including management fees paid.

For the investment advisory services provided to the Mutual Funds, Belle Haven receives
management fees on a monthly basis, in arrears, based on the Mutual Fund(s) average daily net
assets, directly from TAM.

C. OTHER FEES AND EXPENSES

Clients are responsible for selecting and appointing their own custodian and negotiating the terms
governing their custodial relationship. Belle Haven does not negotiate, determine, or control the fees
charged by custodians.

Depending on the client’s custodial or platform arrangement, certain investment advisory accounts
may incur a per-trade transaction fee of up to $10.00 when transactions are executed through Belle
Haven in its capacity as a broker-dealer. These charges are intended to cover transaction-related costs
assessed by the Firm’s clearing firm, BNY Pershing, LLC (“Pershing”). These transaction-related
charges are not determined by, or retained by, Belle Haven. For accounts held at custodians other
than Pershing, clients may be subject to additional brokerage commissions, transaction fees, or other
custodial expenses. Such fees are determined by the client’s custodian or by arrangements between
the client’s primary investment adviser and the custodian. These fees are separate from Belle Haven’s
management fee and are not paid to Belle Haven. Clients should be aware that transaction fees and
other custodial expenses may vary among custodians and may be negotiable.

If a portion of a client’s account is invested in mutual funds or other pooled investment vehicles, the
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ITEM 7. TYPES OF CLIENTS
Belle Haven provides discretionary investment advisory services, with respect to fixed income
portfolios, and offers several fixed income strategies to a wide variety of clients, including but not
limited to, individuals, high net worth individuals, families and family offices, pension and profit-
sharing plans, registered investment companies, registered investment advisers, charitable
organizations, business organizations, religious organizations, hospitals, insurance companies,
educational institutions, and pooled investment funds. The Firm also provides discretionary
investment advisory services as a portfolio manager within wrap fee programs sponsored by third-
party financial institutions.

Belle Haven generally requires a minimum account size or initial investment amount of two hundred
and fifty thousand dollars ($250,000) to establish or maintain a separately managed investment
advisory account, and a minimum initial investment amount of one million dollars ($1,000,000) for
limited partnership interests in Belle Haven Aggressive Muni, L.P. (“BHAM”). Belle Haven retains the
discretion to waive or adjust minimum account size or investment requirements in certain
circumstances.