FCA Corp

ITEM 5.              FEES AND COMPENSATION
Below is a general description of the fees charged to clients based on the services to be provided.

               A.      Fee for Portfolio Management Services
       The fee for portfolio asset management services, exclusive of other services, is a percentage
       of net value of assets in the account(s) under management applied at a negotiated rate. For
       assets of $1,000,000 or less, the rate would be 1.0% per annum. For assets greater than
       $1,000,000, a percentage less than 1% per annum.

       A minimum of $100,000 of assets under management is required for this service. The
       minimum account size, as well as the rate, is negotiable. Client accounts will be invoiced
       or debited in advance at the beginning of each calendar quarter based upon the value
       (market value or fair market value in the absence of market value) of the assets in the
       client’s account at the end of the previous quarter.

       In the event there are margin transactions in the client’s account, the borrowed sums will
       not reduce the market value of the account for purposes of billing. Additionally, FCA
       considers cash to be an asset class for billing purposes, and FCA includes cash in its fee
       calculation, when fees are based on the value of an account. At times, our fee will exceed
       the money market yield.

       FCA will calculate its asset management fees on the margin value without reduction for
       any balance created by borrowing on the margin.

                                                                   FCA Corp – December 2025
                                                                   Form ADV Part 2A Brochure

B.      Financial Planning and Consulting Fees
 Financial planning and consulting fees will be charged by one or a combination of the
 following:

 1.     A negotiated percentage rate to be applied as a portfolio asset management fee.
 (where Portfolio Management Services are also included)

 2.      An annual fixed fee based upon an estimate of services needed to complete the
 work, meet with the clients, anticipated travel, complexity of the engagement and the level
 of asset management fees charged. For certain clients, their accounts will be invoiced or
 debited a quarterly amount of the fixed fee.

 3.      An hourly rate that ranges from $60 to $550 per hour. If appropriate, an estimate
 for total hours will be determined at the start of the advisory relationship.

 The actual rate(s) will depend upon the level and scope of portfolio management, financial
 planning, and consulting services to be rendered in the relationship as well as size of the
 portfolio.

 The length of time it will take to provide and implement a Financial Plan will depend on
 each client’s personal situation and how timely the client provides the information needed
 to prepare the Financial Plan.

C.      Waived, Discounted, Adjusted or Blended Fees and Fee Differentials
 FCA may, at its discretion, waive, discount, adjust or blend the fees for portfolio
 management, financial planning, and consulting services.

 Note: FCA's annual investment advisory fee varies upon the level and scope of the overall
 services to be rendered. The fee determination is based upon various objective and
 subjective factors, including, but not limited to, the amount of the assets placed under the
 FCA’s management, the level and scope of financial planning and consulting services to be
 rendered, including tax preparation services, and the complexity of the engagement. As a
 result, FCA’s clients could pay diverse fees based upon these factors. All clients and
 prospective clients should be guided accordingly.

D.      Fees Received from Commonwealth Funds
 FCA earns a fee for the portfolio management services provided to the Commonwealth
 Funds in addition to the fee charged to a client for portfolio management services. This
 additional compensation creates an inherent conflict of interest because it could influence
 investment decisions made on behalf of client portfolios. Therefore, FCA excludes the

                                                                   FCA Corp – December 2025
                                                                   Form ADV Part 2A Brochure

 value of any common shares held in an account from the calculation of the percentage of
 asset fee applied to an account. Clients should refer to the prospectus and statement of
 additional information for information regarding the compensation FCA receives. The
 prospectus     for    the   Commonwealth        Funds      is   available    online   at
 www.commonwealthfunds.com.

 See Item 10, A of this document for more information regarding FCA’s conflict of interest
 in recommending the Commonwealth Funds.

E.      Fees Received from Managed Entities
 FCA provides investment management, real estate advisory and administrative services to
 various entities based on percentage of assets under management as of the beginning of
 each fiscal year, a flat fee and/or an hourly rate. These fees are typically paid in equal
 quarterly installments at the beginning of each fiscal quarter. The fee is identified in the
 management or advisory agreement and/or the organizational documents. Clients invested
 or considering an investment in such entities can request a copy of the advisory or
 management agreement FCA has with these entities. FCA excludes the value of any
 managed entity from the calculation as of any percentage of asset fee applied to an account.

F.      Cancellation of Advisory Agreements
 Typically, a separately managed client account can be canceled at any time by either party
 for any reason upon receipt of 30 days’ prior written notice. Upon termination of any
 separately managed client account, any prepaid, unearned fees will be promptly refunded,
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ITEM 7.                TYPES OF CLIENTS
FCA offers a combination of services, where appropriate, to individuals, investment companies,
trusts, estates, charitable organizations, corporations, and other business entities.

As previously disclosed in Item 5 of this Brochure, FCA has a minimum account size requirement
for establishing and maintaining a managed account.

     A.          Adviser to Specific Clients

                 1. Adviser to Commonwealth International Series Mutual Trust
                 FCA is the investment adviser to the Commonwealth International Series Trust
                 (“Commonwealth Funds”) an open-end investment company registered under the
                 Investment Company Act of 1940.

                 2. Adviser to Managed Entities
                 FCA provides investment management, real estate advisory and administrative
                 services to real estate investment trusts, private equity entities and private debt
                 entities (referred to as “Managed Entities”) on a non-discretionary basis. The
                 offering and organizational documents of these entities and the management or

                                                                   FCA Corp – December 2025
                                                                   Form ADV Part 2A Brochure

        advisory agreement entered into with FCA by these entities govern these
        relationships.

        Investors in these entities include both clients and non-clients of FCA.

        Should any entity make an offering, potential investors should refer to the relevant
        offering and subscription documents for valuable information regarding the
        objectives and investment strategies of the entity as well as the risks involved in
        making an investment. FCA recommends such investments to the client after
        considering the general marketplace and when consistent with the client’s stated
        investment objectives, risk tolerance and liquidity. See Item 10, A and B for
        information regarding FCA’s conflict of interest with these entities.

ITEM 8.             METHOD OF ANALYSIS, INVESTMENT
                    STRATEGIES AND RISK OF LOSS
A.      Fundamental Analysis
 FCA primarily uses fundamental analysis in formulating investment advice and/or
 managing client assets.

 FCA attempts to measure the intrinsic value of a security by looking at economic and
 financial factors including the overall economy, industry conditions and the financial
 condition and management of the company itself to determine if the security is underpriced
 indicating a suitable time to buy or overpriced indicating a time to sell.

 Fundamental analysis does not attempt to anticipate short-term market movements. This
 presents a potential risk as the price of a security can move up or down along with the
 overall market regardless of the economic and financial factors considered in evaluating
 the security.

 In identifying specific companies in which to invest FCA will assess factors deemed
 relevant and applicable under these circumstances which include:

                                                                      FCA Corp – December 2025
                                                                      Form ADV Part 2A Brochure

        1. Potential for capital appreciation (to both a company’s growth prospects and
            to other issuers);
        2. Earnings growth potential and sustainability;
        3. Price of security relative to historical and future cash flow;
        4. Sustainable franchise value;
        5. Price of a security relative to price of underlying stock, if a convertible
            security, option, warrant, right, etc.;
        6. Yield on security relative to yield of other fixed-income securities;
        7. Interest or dividend income;
        8. Call or put features;
        9. Price of a security relative to price of other comparable securities;
        10. Size of issue;
        11. Impact of security on diversification of the portfolios, and
        12. Company management

 FCA invests in equity securities with the view to holding them long-term and invests in
 debt instruments with the view to holding to maturity. FCA will seek to sell a security when
 it believes the price is unlikely to appreciate longer-term and other comparable investments
 offer better opportunities for clients. During the holding period there is a risk that the price
 of a security can move up or down regardless of the factors used to make the decision to
 buy or sell the stock or bond.

B.      Macro-Economic Considerations
 In formulating investment advice FCA also considers factors that can influence general
 market conditions. Some of these factors are general economic conditions of employment,
 political considerations of stability and support for business development, various
 monetary conditions, available money for business expansion and the regulatory
 environment for business investment.

C.      Technical Analysis
 FCA primarily uses fundamental analysis and does not rely on any technical system or
 analysis in determining a value during the investment process. Analysis of an instrument’s
 current value versus historical value is not considered a technical system for purposes of
 this section.

D.      Methodology Used for Mutual Funds and ETFS
 Mutual funds and ETFs (“funds”) selected for a client’s account will be selected on any
 or all the following applicable criteria:

                                                                  FCA Corp – December 2025
                                                                  Form ADV Part 2A Brochure

        1. the fund’s performance history,
        2. the industry- geography or sector in which the fund invests,
        3. the fund manager,
        4. the fund’s investment objectives,
        5. the fund’s management style and philosophy,
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