Boston Management and Research

Item 5 Fees and Compensation
As compensation for its services to the Funds, BMR is paid an advisory fee. Such fees are documented in each Fund’s
current disclosure documents filed with the Securities and Exchange Commission or offering documents, as applicable.
Generally, the annual investment advisory fee for a Fund is computed as a percentage of the value of the assets in the
portfolio and can differ among individual portfolios. Funds with a master-feeder or fund-of-funds structure can incur an
advisory fee on the portion of Fund assets invested directly in securities. In addition, certain portfolios can be charged a
percentage of the gross income of the portfolio (income other than gains from the sale of portfolio securities). Fees
charged to Funds can be subject to a breakpoint schedule (as disclosed in each Fund’s registration statement or other
offering document) whereby the percentage fee rate charged generally decreases as portfolio assets increase. Fees
generally are paid monthly in arrears based upon the average daily net assets of the Fund during the month. References
in this section to clients include investors in Private Funds.
BMR reserves the right to change its standard fee schedules and is not generally required to change the fee schedules
of existing clients to match such updated fee schedules, even if such updated fee schedules would be more
advantageous to existing clients. BMR can, at its sole discretion, offer certain clients more advantageous fee schedules
than those offered to other clients for similar services provided or waive fees entirely for affiliated or non-affiliated entities.
Special requirements or circumstances can result in different fee arrangements than those stated above for certain
clients. For example, additional reporting, investment policy or risk management consulting, legal research, or additional
investment administrative services required or requested by some clients could lead to higher fees. Individual fee
arrangements are negotiated with each client separately (including board review and approval, if applicable). Subject to
applicable laws and regulations, BMR retains complete discretion over the fees that it charges to clients and can change
the foregoing fee schedules at any time. A fee schedule could differ in different geographic regions outside the United
States for certain investment approaches.
In addition to asset-based investment advisory fees and fees based on a percentage of portfolio income, BMR could
agree to provide investment advisory services to be compensated in part on a comparative performance or incentive
basis. See Item 6 – Performance Based Fees and Side-by-Side Management for additional details.
BMR’s fees are generally exclusive of brokerage commissions, transaction fees, and other related costs and expenses
which will be borne by the Fund. In certain cases, BMR or an affiliate can agree to cap such expenses and BMR or an
affiliate will reimburse the fund for any expenses in excess of such cap. Funds are generally responsible for certain
charges imposed by custodians, broker- dealers and other third-parties, including but not limited to: fees charged by
third-party managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, withholding fees,
country tax or delivery fees, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and
securities transactions.
Typically, the standard form investment advisory contract between BMR and the Registered Funds provides for
automatic termination upon assignment or termination after 60 days prior written notice. Termination terms for Private
Funds are detailed in the governing documents of the Fund.

FORM ADV, PART 2A                                                                        BOSTON MANAGEMENT AND RESEARCH           5

Item 7 Types of Clients
BMR currently provides investment advisory services only to registered investment companies and private funds.

FORM ADV, PART 2A                                                              BOSTON MANAGEMENT AND RESEARCH    7