Conway Investment Research LLC

Item 5.      Fees and Compensation
 Description
 Access Funds Management Fees
 With respect to the Access Funds, fees are calculated as a percentage of the assets in such member’s
 capital account and are negotiated on a case-by-case basis.
 Sub-Advised Fund Management Fees
 With respect to the Sub-Advised Funds, fees are calculated as a percentage of assets of the respective Fund
 and are negotiated on a case-by-case basis.
 Private Fund Management Fees
 With respect to the Private Fund, each Class A member of the Private Fund will pay to the Adviser an
 annual fee of 1.25% of the assets in such member’s capital account and each Class B member of the Private
 Fund will pay to the Adviser an annual fee of 1.00% of the assets in such member’s capital account, payable
 monthly and calculated at the close of trading on the last business day of the prior month. Such fees are
 pro-rated with regard to purchases or redemptions during the month. T h e Adviser may negotiate higher
 or lower management fees with different members. T h e Adviser also is entitled to be reimbursed by the
 Private Fund for certain expenses incurred on behalf of the Private Fund, including, without limitation,
 accounting, audit, legal, printing and mailing, custody expenses, administrative fees and blue-sky filing
 fees. Class B members of the Private Fund may also pay the Adviser an incentive allocation with respect
 to their capital account. See Item 6, Performance Based Fees and Side by Side Management for
 additional information. With respect to the Access Funds, an affiliate of the Adviser charges each Access
 Fund a fixed fee for certain research and administrative services, which is determined annually. With
 respect to other private funds, the Adviser or an affiliate of the Adviser will charge an annual fee at an
 agreed upon percentage of the assets in each member’s capital account, payable monthly and calculated
 at the close of trading on the last business day of the prior month. Such fees are pro-rated with regard to
 purchases or redemptions during the month. For information pertaining to fees charged to clients of
 Firms who use the Access Funds platform, please contact IR@conwayis.com.
 The Access Funds, Private Funds, and underlying Investment Funds charge their own fees and expenses.
 With respect to an investor’s investment in an Access Fund or the Private Fund, the investor will bear the
 fees and expenses charged by the Access Fund or Private Fund and indirectly bear the fees and expenses

charged by the underlying Investment Fund(s), including the Investment Manager’s compensation. The
fees and expenses charged by underlying Investment Funds are in addition to the Adviser’s (or an
affiliate’s) own fee charged to the Access Funds or Private Fund, and the Adviser’s (or its affiliate’s) fees
charged to an Access Fund or the Private Fund will not be offset by fees charged by an underlying
Investment Fund.
Investment Managers may charge performance-based fees to an Investment Fund. Those performance
fees typically will be equal to a percentage of the net realized and unrealized profits earned by an investor
each year, although they may be assessed more often. Please review the applicable Investment
Fund’s offering documents for information on any performance-based fees charged by the Investment
Manager to the Investment Fund.
Investment Consulting Fees
Consulting fees are negotiated on a case-by-case basis, taking into account the size of the client, number
of managers, investment activities, complexity of investments and time involvement. At the request of
the client, the Adviser will provide consulting fees on a fixed fee basis, depending on the nature and
complexity of the client’s circumstances.
Typically, a client agreement may be canceled at any time, by either party, for any reason upon receipt of
at least 30 days’ written notice. Upon termination of any account, any paid but unearned fees will be
promptly refunded, and any unpaid fees will be due.
Separate Account Management Fees
The Adviser generally charges a flat, quarterly fee for separate account management. The fee rate and
terms are set forth in the client’s management agreement with the Adviser, and are negotiated with each
client. Upon termination of the Adviser’s management services to a separate account client, any paid but
unearned management fees will be promptly refunded to the client.
Fee Billing
Payment of fees, other than those remitted to the Adviser from a custodian, typically are due within 10
days of the client’s receipt of the bill for services. A client’s failure to pay for services rendered terminates
the Adviser’s obligation to provide consulting and/or other services. Each client is responsible for
verifying the accuracy of the fee calculation.
Other Fees and Expenses
The Adviser’s fees do not include brokerage commissions, custodial fees or securities transaction fees
charged by the client’s custodian and/or broker-dealer. Underlying funds in which a client’s assets may
be invested charge their own advisory and other fees. An explanation of the expenses charged by these
funds is contained in each fund’s prospectus or private placement memorandum.
The Adviser typically recommends the use of independent money managers to manage all or a portion
of a client’s assets. T h e Adviser receives no placement fees from the money managers for these
recommendations. T h e Adviser’s fees are in addition to fees charged by the recommended Investment
Manager(s).

Item 7.      Types of Clients and Minimum Requirements
The Adviser generally provides investment advice to corporations, charitable organizations, and other
business entities, including the Sub-Advised Funds.
The Private Fund is open only to eligible investors, subject to a $1,000,000 minimum investment. The
Adviser reserves the right to accept lesser amounts in its discretion.
Investor qualification requirements for the Access Funds are set forth in the offering documents and
investment minimums begin at $100,000, depending on the investment series. Similarly, qualification
requirements for the Sub-Advised Funds are set forth in the applicable offering documents and may vary

from Fund to Fund.
The Adviser does not have a specific minimum for separate account management services, but considers
new clients on a case-by-case basis.

       Item 8.      Method of Analysis, Investment Strategies and Risk of Loss