Enclave Advisors LLC

Item 5 – Fees and Compensation

A.      Fee and Payment Schedule
Enclave Advisors, LLC (Enclave) is compensated for investment advisory services based upon a
percentage of the aggregate portfolio value (assets under management) in a client's account. Fees based
on assets under management are as follows:
Market Value of Portfolio                                 Annual Fee
First $5,000,000                                          0.95%
Balance of $5,000,000 - $10,000,000                       0.75%
Balance of $10,000,000 - $25,000,000                      0.55%
Balance of $25,000,000 - $50,000,000                      0.45%
Balance over $50,000,000                                  0.35%

Fees for family office services are separate from Investment Management Fees and are charged as flat
fees, not weighted/tiered based upon a percentage of the client’s aggregate portfolio value according to the
following fee schedule. These fees may be negotiable based on the size of the client’s overall relationship
with Enclave and the complexity of services provided.

Market Value of Portfolio                                  Annual Fee
$25,000,000 - $50,000,000                                 0.25%
$50,000,000 - $100,000,000                                0.20%
$100,000,000 - $150,000,000                               0.15%
$150,000,000 +                                            Negotiated
All fees are payable quarterly in advance based on a valuation of the client's account at the beginning of
each quarterly period, but such advisory fees are not collected for services to be performed more than six
months in advance. A prorated fee will be assessed to accounts opened during a quarter. Advisory fees
are generally deducted from client accounts held with the third-party custodian for such accounts. Enclave
is not compensated on the basis of a share of capital gains or appreciation of client funds, other than based
on overall growth in assets under management. Enclave does not receive any additional compensation
(commissions, transaction fees, etc.) related to client accounts, which includes a retirement plan or
individual retirement accounts.
 New client relationships typically begin with a minimum account size of $5,000,000. Enclave may at its
discretion accept accounts below $5,000,000. The annual fee for accounts below $5,000,000 is 1.00%.
Cash Management Accounts – Enclave may manage Cash Management Accounts for existing clients. The
annual fee for these accounts is 0.50%. These fees may be negotiable based on the size of the account
and complexity of services provided.
Customized Strategies – Enclave may provide customized strategies for existing clients, including option
strategies designed for example, to hedge existing investment positions and/or generate income. Fees for
these strategies are charged in addition to and along with the standard Investment Management fee. These

fees are negotiable based on the size of the account and complexity of services provided. The exact fee
and a description of services to be provided are detailed in the client’s IAA.
Clients who wish to terminate their account without the payment of any fees must notify Enclave within five
business days of execution of the Investment Advisory Agreement (IAA). After five business days, clients
may be responsible for payment of fees for the number of days services are provided prior to receipt of the
written notice of termination. Otherwise, a client may terminate an IAA by providing written notice to
Enclave. Any and all fees paid in advance shall be prorated to the date of termination and any unearned
portion of prepaid fees will be refunded to the client.

B.       Clients are Responsible for Third-Party Fees

Clients are responsible for the payment of all third-party fees (e.g. custodian fees, brokerage fees, mutual
fund and ETF fees, transaction fees, etc.). Those fees are separate and distinct from the fees and expenses
charged by Enclave. Please see Item 12 of this brochure regarding broker/custodian.

C.       Outside Compensation for the Sale of Securities to Clients

Neither Enclave nor its supervised persons accept any compensation for the sale of securities or other
investment products, including asset-based sales charges or services fees from the sale of mutual funds.