Emstone Advisers LLC

Item 5 – Fees and Compensation

      Our Fees
      EmStone fees are based on the market value of assets under management and are billed
      quarterly for services performed in the previous quarter. Asset-based fees represent the sole
      form of compensation we receive.

      Our current annual fee schedule is as follows:

      Fixed Income Intermediate Government/Credit:
      0.375% on the first $10million
      0.325% on the next $25 million
      0.25% on the excess over $25 million

      Fixed Income Short Duration:
      0.25% on the first $10 million
      0.20% on the next $25 million
      0.15% on the excess over $25 million

      Cash Management:
      0.30% on all assets

EmStone Advisers, LLC Brochure                         4                           March 30, 2026

      Account Minimums and Fee Variation
      The minimum account size is $10 million for Intermediate Government Credit and Short
      Duration portfolios. The minimum account size for Cash Management is $5 million. We do
      make exceptions and accept new accounts with assets below the stated minimum; in these
      cases, fees are subject to negotiation. We also negotiate fees for accounts that meet stated
      account minimums based on special circumstances.

      Factors that we consider in the negotiation process include client service requirements,
      complexity of investment strategy, and initial or potential size of the account. Fee variances
      may also reflect account inception dates or the entirety of the client’s relationship with
      EmStone and its investment partners. In all cases, we strive to charge fair and market
      competitive fees.

      EmStone Fee Arrangements
      Emerald has entered into a sub-advisory agreement with F/m Investments, LLC (“F/m”).
      Under the contractual terms of this relationship, F/m provides investment management
      services to EmStone and its fixed income clients, who are predominately public funds and
      municipalities. F/m is compensated via a fee sharing agreement with Emerald. This fee
      agreement does not impact the advisory services or fees paid by clients whose assets are
      managed under this arrangement. Please see Item 10 for more information about the
      EmStone/F/m relationship.

      Brokerage Commissions and Other Account Fees
      In addition to EmStone advisory fees, clients pay brokerage commissions, transaction fees,
      and other related costs and expenses. In rare circumstances, we may use Exchange Traded
      Funds (“ETFs”) for certain custom portfolios which may involve additional fees. ETFs are
      investment funds traded on stock exchanges. An ETF holds assets such as stocks,
      commodities, or bonds, and trades close to its net asset value over the course of the trading
      day. Most ETFs track an index, such as the S&P 500.

      Clients may also incur certain charges imposed by their custodians such as custodial fees,
      transfer taxes, wire transfer and electronic fund fees, among other fees and taxes. These
      charges and fees are in addition to EmStone’s fee and are not controlled by or paid to
      EmStone.

      Account Billing Terms
      Fees are generally billed on a quarterly basis in arrears. Fees are prorated for each capital
      contribution and withdrawal made during the calendar quarter (with the exception of de
      minimis contributions and withdrawals). All fees are billed directly to the client; under no
      circumstances is EmStone authorized to deduct fees directly from client accounts.

      Each written client advisory agreement describes fee arrangements. The advisory agreement
      may be terminated by either party at any time with 30 days advanced notice.

EmStone Advisers, LLC Brochure                        5                              March 30, 2026

Item 7 – Types of Clients

      Clients We Serve
      We provide fixed income asset management services to institutional clients and high net-
      worth individuals. Institutional clients include, but are not limited to, pension and profit
      sharing plans, public funds, charitable institutions, hospitals, municipalities, government
      agencies, and insurance companies.