Crescat Portfolio Management LLC

Item 5: Fees and Compensation
A. Basis of Compensation: CPM and its affiliates receive monthly management fees based on assets under
   management and, if earned, annual performance allocations, defined below, for managing the Funds. Until
   February 9, 2021, CPM received quarterly management fees paid in advance based on assets under
   management for managing the Large Cap Long-Only and Precious Metals SMAs. Starting with new
   accounts on February 9, 2021, CPM began receiving management fees for new Large Cap Long-Only and
   Precious Metals SMAs monthly in arrears. The payment terms and conditions of management fees and
   performance allocations available to CPM are detailed in each SMA client’s investment advisory
   agreement, and in the Funds’ offering memoranda.

    Private Fund Fees:
    Where these share classes are made available for any specific Fund, generally CPM is paid a 2% annual
    management fee from Main Class investors, a 1.5% annual management fee from Institutional (Class 2)
    investors, and a 1.25% annual management fee from Institutional (Class 1) investors. CPM is also paid an
    annual performance allocation equal to 20% from Main Class investors, 15% from Institutional (Class 2)
    investors, and 12.5% from Institutional (Class 1) investors.

    Current and prospective investors in the Funds should refer to the private placement memorandum or other offering documents
    of the respective Fund for additional information regarding fees and restrictions. The information contained herein summarizes
    representative fee arrangements and is qualified in its entirety by such documents.

    Lockups:
    Investors in the Global Macro Funds are subject to a 3-year partial lockup on new and additional
    subscriptions. Investors prior to 2022 are not subject to a lockup. Investors in the Long/Short Funds,
    prior to 2024, are subject to a 1-year soft lockup and a 2% early redemption fee during the first year of their
    investment. New investors, as of 2024, are not subject to a lockup. Investors in the Precious Metals Funds
    are subject to a 3-year partial lockup on new and additional subscriptions. Investors prior to 2022 are not
    subject to a lockup. Investors in the Precious Metals Funds are subject to a 3-year partial lockup on new
    and additional subscriptions. Investors in the Precious Metals Funds are subject to a 3-year partial lockup
    on new and additional subscriptions.

    With respect to the Funds, for purposes of calculating the management fee, the net asset value of an
    investor’s capital account is determined before reduction for accrued management fees and performance

    allocations, if any. Annual appreciation, for the purpose of calculating the performance allocation means
    the increase, if any, in an investor’s capital account over the investor’s highest prior capital account balance,
    adjusted for contributions and withdrawals. The performance allocation is subject to a high- water mark. If
    an investor has any prior net losses from previous periods, CPM will not receive a performance allocation
    until such investor is allocated net profits to recoup the net losses.

    CPM, in its sole discretion, enters into arrangements from time-to-time with certain Fund investors such
    as side letters that provide favorable terms not offered to other investors, including but not limited to,
    waiving or reducing minimum investment amounts, management fees and/or performance allocations,
    and/or waiving or reducing partial lockups and/or early redemption fees.

    Large Cap Long-Only and Precious Metals SMA Strategies: CPM charges SMA investors a
    management fee based on the assets in their account. Fees may be negotiated for institutional accounts
    and other unique circumstances at the discretion of CPM.
    Beginning February 9, 2021, the fees below apply to new Large Cap Long-Only SMAs, with fees paid
    monthly in arrears:

                  Portfolio Value        Monthly Rate      Annualized Rate

                  First   $250,000         0.16667%           2.00%
                  Next    $250,000         0.1458%            1.75%
                  Next    $500,000         0.1250%            1.50%
                  Above   $1 million       0.1041%            1.25%

    Beginning July 15, 2021, the fees below apply to new Precious Metals SMAs, with fees paid monthly in
    arrears:

                  Portfolio Value        Monthly Rate      Annualized Rate

                  Not Applicable           0.16667%           2.00%

    Sub-Adviser Services: For accounts where CPM is the sub-advisor, CPM receives a separately
    negotiated fee for each sub-advised account, payable monthly in arrears or as dictated by the sub-advisory
    agreement. Fees for services provided as a sub-adviser are specified in the client sub-advisory agreement
    and are based on a percentage of assets under management. It is understood that such fees may differ
    from fees charged to other investors depending upon the extent of services provided and the cost of such
    services.

B. Method of Fee Collection: CPM earns a management fee as of the end of each calendar month. If an
   investor withdraws funds from the Funds, a performance allocation may be paid on net new appreciation
   at the time of withdrawal. For the SMA strategies, CPM can either deduct or bill management fees based
   upon the advisory agreement in place between CPM and the SMA client. Management fees and
   performance- based fees may be waived or reduced for any SMA client or investor, including for
   investments made by CPM employees, Consultants, Advisors, or family members.

 C. Other Fees and Expenses: SMA clients pay other fees and expenses in connection with CPM’s adviser
    services, including but not limited, to brokerage commissions, transaction costs, and custodial fees. See

Item 7: Types of Clients
CPM provides investment advisory services to the Funds, high-net-worth individuals, family offices, retail
investors, fund of funds, and institutions, including other investment advisers.
The minimum investment amounts for the Funds are described in their respective Fund documents, generally
the minimum investment is $500,000. The minimum investment amount for the Large Cap-Long Only SMA
is $100,000 and for the Precious Metals SMA is $100,000. CPM or its affiliates may waive any such minimums
for the Funds or SMAs in their sole discretion.