Chesapeake Investment Management LLC

Item 5 – Fees and Compensation

Fees for investment advisory services provided by Chesapeake Investment Management, LLC
are as follows:

Annual fees for portfolio management (charged quarterly) services are based on a percentage
of a client's assets under management.

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MANAGEMENT FEE SCHEDULE:
First $2,000,000 1.0%
Next $2,000,000 .80%
Above $4,000,000 .60%

CIM also acts as consultant to a number of its clients. Consulting includes, but is not limited to,
recommendations on constructing asset allocation models, portfolio valuation, reconciliations
and client meetings. Fees charged by CIM for consulting services are on a case-by-case basis.

There is a minimum annual fee for investment management services and/or consulting services
of $1,000. Fees are usually billed quarterly in arrears, and in some cases in advance, based on
the preceding quarter end values in a client's account. Lower fees may be suggested when a
client's portfolio is expected to consist primarily of mutual funds or fixed income securities. In
certain other circumstances fees or account minimums may be negotiable. Higher fees may be
charged if additional services are provided in excess of investment management services.

Fees are usually deducted from a designated client account to facilitate billing. The client must
consent in advance to direct debiting of their investment account before such debiting can
occur. In some circumstances, clients may choose to be billed for investment management
services and pay the invoice from an account managed by Chesapeake Investment
Management, LLC. Clients may select either method of payment for services. Payment in full is
expected upon presentation of the invoice.

Fees paid in advance are refundable, on a pro rata basis each quarter, upon receipt from the
client of a written notice terminating the services. Fees are not based on a share of capital
gains on, or capital appreciation of, the funds, or any portion of the funds, of an advisory client.
All fees paid to CIM for investment advisory services are separate from the fees and expenses
charged to shareholders of mutual fund companies. A complete explanation of these mutual
fund charges are contained in the prospectus.

Chesapeake Investment Management, LLC, in its sole discretion, may waive its minimum fee
and/or charge a lesser investment advisory fee based upon certain criteria (e.g., historical
relationship, type of assets, anticipated future earning capacity, anticipated future additional
assets, dollar amounts of assets to be managed, related accounts, account composition,
negotiations with clients, etc.).

Fees charged for brokerage services, if any, are charged by the custodian of assets on a
transactional basis. See Item 12 in regard to “Brokerage Practices” for additional information.

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Item 7 – Types of Clients

The types of clients served by Chesapeake Investment Management, LLC are individuals, trusts,
foundations, not for profit associations, charitable organizations, corporations and retirement
plans.

The minimum account size customarily accepted is $250,000. Chesapeake Investment
Management, LLC has the discretion to waive the account minimum.

As of December 31, 2023, Chesapeake Investment Management, LLC manages approximately
$180,000,000 in assets for approximately 390 clients.