ITEM 5—FEES AND COMPENSATION
Fee Schedule
Investment Management Services
Bolthouse Investments charges an asset management fee for investment management services. Our fee
schedule is as follows and includes the market value of the client’s interests (if any) in the Funds:
0.50% per annum if assets total $5 million or less
0.40% per annum if assets total $5,000,001 to $20 million
0.35% per annum if assets total greater than $20,000,001
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Bolthouse Investments charges the Funds a management fee. For more information about fees and
expenses paid by the Funds to third-party advisors, see Other Fees and Expenses in this item.
Some accounts may be under different fee schedules honoring prior agreements. Our standard fee
schedule may be negotiable based on a number of factors, which include but are not limited to
grandfathered accounts, Bolthouse family accounts, and other structures that we may consider in
special situations. In most circumstances, the client’s quarterly fee calculation will reflect any prorated
additions or reductions.
Consulting Services
At a client’s request, Bolthouse Investments may offer consulting services at an hourly rate to be
negotiated at the time. The hourly rate will depend on the nature and complexity of the client’s
circumstances. We will provide an estimate of the total hours required at the start of the relationship.
Bolthouse Investments may also provide consulting services at a reduced rate or free of charge for
particular clients, such as Bolthouse family members.
Billing Method
Investment Management Services
Our advisory fees are accrued monthly and are payable quarterly in arrears. Monthly fee accruals are
based on the market value of the assets in client accounts on the last business day of each month during
a calendar quarter, adjusted for receivables and payables. Fees are usually subject to adjustment for
cash flows. For advisory fee billing purposes, a calendar quarter is a period beginning on January 1, April
1, July 1, or October 1 and ending on the day before the next quarter begins.
For new client accounts, the first payment is a pro rata calculation that takes into consideration the
account market value, adjusted for receivables and payables, on the last day of each month during the
calendar quarter during which the account was open. The fee is adjusted to reflect the number of days
in the quarter that the account has been open. A day is any calendar day, including weekends and
holidays.
Bolthouse Investments sends a quarterly fee statement to each client. The quarterly fee statement
shows the amount of the fee and the value of the client’s assets upon which we based the fee. Clients
decide whether they wish to have the advisory fees withdrawn directly from their custodial accounts or
to pay by check. Clients should verify the accuracy of fee calculations.
With client authorization, Bolthouse Investments will instruct the custodian to withdraw our advisory
fee from the client’s account on a quarterly basis. Typically, the custodian withdraws advisory fees from
client accounts during the first or second month following the end of each calendar quarter based on
our instruction. All clients will receive account statements from their account custodians no less
frequently than quarterly. Account statements will show the deduction of the advisory fee for clients
who authorize fees to be withdrawn directly from their accounts. For clients who choose not to have
advisory fees withdrawn directly from their custodial accounts, fees are payable upon receipt of the
quarterly fee statement.
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Consulting Services
Hourly fees are payable quarterly in arrears based on the hours billed for the quarter.
Other Fees and Expenses
We charge a management fee on Fund accounts that are managed by in-house staff using a significant
amount of individual securities; 0.35% per annum on ‘Equity’ accounts and 0.15% per annum on ‘Fixed
Income/Cash Equivalent’ accounts. The rate is based on the quarter-end value of the specific Fund
account.
Our fees do not include custodial fees. Clients pay all brokerage commissions, stock-transfer fees,
margin charges, foreign-exchange and settlement fees, and other charges incurred in connection with
transactions in accounts, from the assets in the account. These charges are in addition to the fees that
the client pays to Bolthouse Investments. Item 12—Brokerage Practices provides more information.
All fees paid to Bolthouse Investments for investment advisory services are separate and distinct from
the fees and expenses charged by third-party advisors to our clients and the Funds. Mutual funds pay
advisory fees to their managers, which are indirectly charged to all holders of the mutual fund shares. In
some instances, mutual fund shares held in a client’s account or in Fund accounts are subject to
deferred sales charges, rule 12b-1 fees, early redemption fees, and other mutual fund-related expenses.
A mutual fund’s prospectus fully describes these fees and expenses.
A client could invest with a third-party advisor or in a mutual fund directly, without using our services.
In that case, the client would not receive the services that we provide, which include negotiating fee
reductions when possible and determining which third-party advisors or mutual funds we feel are most
appropriate to the Funds’ objectives or, in the case of a direct investment by a client, the client's
financial condition and objectives. Accordingly, clients should review both the fees charged by the third-
party advisors and mutual funds and the advisory fees that we charge to understand the total amount of
fees that the client will pay and to evaluate the advisory services that we provide.
Termination
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