Bitterroot Capital Advisors LLC

Item 5: Fees & Compensation

Advisory Fees Structure & Compensation Overview
Bitterroot Capital offers investment advisory services for a fee calculated as a percentage of designated assets
or for a �ixed (�lat) fee annual retainer, as elected by the Client and documented in the Client’s Advisory
Agreement. Advisory fees are generally billed quarterly or semi-annually in advance, as further described in
this section. Any applicable refunds are governed by the terms of the Client’s executed Advisory Agreement.
Advisory fees are exclusive of any third-party fees, expenses, or subscription costs incurred in connection
with Client investments.

Fee Negotiation Availability
Bitterroot Capital charges advisory fees based on the speci�ic advisory services selected by each Client. The
Adviser may, in its discretion, waive all or a portion of its minimum annual fee. In establishing the applicable
fee arrangement, the Adviser considers a variety of factors, including the value and nature of Client assets
under advisement or management, whether services are provided on a discretionary or non-discretionary
basis, and other circumstances speci�ic to the engagement. Fee variations among Clients may be based on
factors such as asset size, complexity, and service scope. The Adviser may maintain lower-fee arrangements
for certain Clients or negotiate different fee arrangements in appropriate circumstances. Clients should be
aware that lower fees for comparable services may be available from other investment advisers or �inancial
service providers.

    Regardless of any fee negotiation, no Client is required to prepay advisory fees in excess of $1,200 more
                                          than six months in advance.

Advisory Fees
The speci�ic details for each advisory service are as follows:

Investment Supervisory Services
Bitterroot Capital’s investment supervisory services fees are calculated as a percentage of designated
assets or for a �ixed (�lat) fee. Fees are calculated on a per-Client basis and billed quarterly or semi-annually
in advance, in accordance with the applicable fee schedule and the terms of the Client’s Advisory Agreement
and the Adviser’s relevant Form ADV disclosure documents for the selected service.

Asset-based advisory fees range from 0.20% to potentially 1.00%, depending on factors such as the scope
and complexity of services provided, account composition, and the level of administrative
responsibility assumed by the Adviser or retained by the Client. Fixed (�lat) fees are similarly negotiated.

Financial Planning Services
Financial planning services are provided in connection with the Adviser’s investment advisory services
and are included in the standard investment supervisory services advisory fees described above. Bitterroot
Capital does not charge a separate fee solely for financial planning services. While such services may be
described as provided at no additional charge, the cost of financial planning is reflected in the overall
advisory fees Clients pay.

All services are comprehensive in scope addressing wealth management and investment management topics.

Selection of Other Advisors Services
For Clients who engage the Adviser to assist in the selection of other advisors’ services, fees charged by
the referred third-party manager are governed by that Manager’s Form ADV disclosures. These fees are
payable pursuant to a separate agreement executed directly between the Client and their referred Manager.

Billing & Payment of Advisory Fees
Advisory fees are typically charged quarterly or semi-annually in advance. Clients are invoiced directly by
Bitterroot Capital and provide written authorization to their custodian to remit payment of advisory fees.
Clients maintaining accounts at Charles Schwab & Co., Inc. (“Schwab”) will authorize Schwab to deduct
advisory fees from their accounts upon presentation of an invoice by the Firm. Bitterroot Capital does not
have the authority to directly debit Client accounts or instruct custodians to remit fees, except as authorized
by Clients with respect to Schwab accounts.

Other Fees & Expenses
Clients will also bear other fees relating to investments, which will include, but not be limited to: any
applicable investment management fees and/or performance-based compensation; custodian fees; mutual
fund expenses; brokerage commissions and other fees, charges, payments, and expenses; and other
transaction costs of trading; and acquiring, monitoring, or disposing of any investments of a Client. Clients
should consult the terms of the offering memorandum, investment management agreement, sub-advisory
agreement, prospectus, and supplemental disclosure document, or other governing or disclosure document,
as applicable to each investment, for more information regarding the fees and expenses associated with that
investment. (See Item 12: Brokerage Practices for additional important information regarding our brokerage
practices, including consideration for selecting broker-dealers for Client transactions.)

Termination of Advisory Services
Clients may terminate advisory services at any time upon written notice pursuant to the Advisory Agreement.
Fees billed in advance are prorated through the effective date of termination, and any unearned portion is
refunded in accordance with the Advisory Agreement and applicable law. Fees payable in arrears remain due
for services rendered through termination. Upon termination, Bitterroot Capital will facilitate an orderly
transition per the Client’s instructions and has no further obligation to provide advisory services.

Clients are under no obligation to purchase any investment products or services recommended by Bitterroot
Capital through the Adviser, or to implement investment recommendations through any particular
broker-dealer, custodian, product sponsor, or other service provider. Clients may purchase recommended
...

Item 7: Types of Clients

Type of Clients
Bitterroot Capital provides investment advisory services to Clients who are generally “Quali�ied Purchasers,”
as de�ined in Section 2(a)(51)(A) of the Investment Company Act of 1940, including individuals, trusts,
estates, charitable organizations, and business organizations.

Minimum Account Size
There is no minimum account size required to open or maintain an advisory account with the �irm.