ITEM 5 FEES AND COMPENSATION
The specific manner in which fees are charged by Fasanara is established in a client’s written advisory
agreement with the Firm. For the Funds and the Private Funds advised by Fasanara, fees are described
in each fund’s prospectus or offering documents, as applicable. Detailed information on the fees and
expenses borne by the Funds is contained in the applicable Funds’ prospectus. With respect to the
Private Funds, the applicable fees and expenses are set forth in the Private Funds’ prospectus,
subscription agreement and/or other governing documents.
Fasanara’s general fee schedule is as follows:
Registered Fund
For Fasanara’s subadvisory services to the Registered Fund, the Firm is entitled to an advisory fee
computed daily and payable monthly at the annual rate of 1.75% of the Fund’s average daily net assets.
The Fasanara has contractually agreed to waive management fees and reimburse expenses through
December 31, 2017 to the extent that Total Annual Fund Operating Expenses exceed 2.00% of the Fund’s
average daily net assets. In determining the Fasanara's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account and could cause net Total Annual Fund
Operating Expenses to exceed 2.00%: acquired fund fees and expenses, brokerage commissions,
extraordinary items, interest or taxes. If at any time the Fund's Total Annual Fund Operating Expenses
for that year are less than 2.00%, the Firm is entitled to reimbursement by the Fund of the advisory fees
forgone and other payments remitted by the Firm to the Fund within three years from the date on which
such waiver or reimbursement was made.
UCITS
1. Share Class institutional: 1.75% management fees and a 20% performance fee
2. Share Class retail: 2.25% management fees and a 20% performance fee
Institutional Share Class Ongoing charges are 2.21% Retail Share Class Ongoing charges are 2.50%. No
fees are waived.
Private Fund
The Private fund charges a 1% asset based management fee. The management fee on annual basis is paid
at the “Annualized Fee Rate”. The management fee is computed by applying one twelfth of the relevant
annualized fee rate to the monthly Net Asset Value of the shares (before deduction of that month’s
management fee and before deduction for any accrued performance fees) at each valuation day.
In addition, the investment manager will receive performance fees totaling 20% of the net realized and
unrealized appreciation in the NAV of each series (a ‘Series’) of a Class (adjusted for any redemptions of
Shares in the series made during the year (the ‘Adjusted NAV’)); provided, however, that the
performance fees will be paid only with respect to the net realized and unrealized appreciation in the
Adjusted NAV of a Series in excess of the high water mark of such Series.
An investor in a Private Fund advised by Fasanara should review the governing documents of such
Private Fund in conjunction with this brochure for more complete information on the fees and
compensation payable with respect to such Private Fund.
Payment of Fees
The fees for the UCITS, Registered Fund and the Private Funds are set forth in the relevant prospectus,
governing documents and advisory agreements. The fees payable by the UCITS and Registered Fund are
generally calculated on a daily basis. The fees payable by the Private Funds are generally calculated and
payable monthly. If any investment management or sub-advisory arrangements are terminated during a
calculation period for such fees, the fee is prorated for the number of days prior to the termination.
Clients may be billed for advisory fees incurred. If authorized by the client, fees may be billed directly to
a client’s account and paid from that account by the client’s custodian. Fasanara’s clients do not pay fees
in advance.
Neither the Adviser nor any of its supervised persons accepts compensation for the sale of securities or
other investment products.
Other Fees and Expenses
The Adviser will pay all expenses incurred by it in connection with its activities under the advisory
agreements. The Registered Fund and the UCITS bears all of its own expenses not specifically assumed
by the Adviser. In addition to paying investment management fees, the Funds will also be subject to
other investment expenses such as, qualified custodian fees, liability insurance or fidelity bonds, filing
fees, legal, accounting and auditing expenses, brokerage charges and transaction costs incurred in
connection with portfolio transactions. In most cases, these additional expenses are paid to unaffiliated
third parties. Additional information about the Registered Fund, including a full discussion of its fees,
expenses and sales or redemption charges can be found in the Registered Fund’s prospectus, Statement of
Additional Information (“SAI”) and shareholder reports, which can be obtained from the EDGAR
database on the SEC’s website at: http://www.sec.gov.
In addition to the expenses set forth above, each of Private Fund managed by Adviser also pay fees
relating to brokerage, fees charged by accountants and administrators for their professional services,
organization expenses, fees relating to regulatory reporting, marketing expenses, fees to directors who are
not affiliated with the investment manager and other expenses related to the fund as described in greater
detail in the Private Fund’s offering documents.