Felicitas Global Partners LLC

Item 5: Fees and Compensation
A. Fee Schedule

Below is a discussion of how Felicitas is compensated in connection with providing advisory
services to its clients. The Adviser may enter into different fee arrangements on a client-by-client
basis.

       1. Investment Supervisory Services Fees

       Advisory fees are withdrawn directly from the client’s accounts with client written
       authorization. Lower fees for comparable services may be available from other sources.

       FGP bills quarterly in arrears, using daily average balances, calculated based on an actual
       (number of days in the quarter)/actual (number of days in the year) billing methodology.

       For illustration purposes, assume that your annual advisory fee is 1.0% of assets under
       management and your daily average balance (“Billable Balance”) for the quarter that just
       ended 12/31/2024 (“Billing Date”) is $100,000, and that there are 90 days in the quarter
       and 365 days in the year, your quarterly advisory fee would be $250.00 ($100,000 x
       1.0%*(90/365) (“Period Effective Rate”).

       The amount of the management fee and performance fee will be disclosed in the offering
       documents to new investors. From time to time, FGP may adjust its management fee and
       performance fee, and such fees shall be reflected in the offering documents and any side
       letter agreements between FGP and the investor.

       Generally, investors pay the management fee to FGP based on a percentage of committed
       or invested capital in accordance with the terms of the offering documents. FGP’s current
       management fees are, generally, between 0.50% and 1.75% of committed capital.

       For sub-advisory services rendered to an adviser, FGP receives a portion of the net
       management fee, as defined in the sub-advisory agreement, earned by such adviser each
       period.

       The amount of fees paid for specialized advisory services varies depending on the
       complexity of the engagement and are calculated on a fixed fee basis or as a percentage of
       assets under management. The contract terms are negotiated separately with each client
       engagement. Fees are generally paid monthly or quarterly, in arrears, or upon completion
       of specific projects.

B. Payment of Fees

       1. Payment of Investment Supervisory Fees

       Advisory fees are withdrawn directly from the client’s accounts with client written
       authorization. Fees are paid quarterly in arrears. Advisory fees may also be invoiced and
       billed directly to the client with payments due within thirty days of the quarter end.
       Clients may select the method in which they are billed.

       2. Payment of Performance Based Fees

       Performance Based fees are withdrawn directly from the client’s accounts with client
       written authorization. Fees are paid quarterly in arrears. Performance fees may also be
       invoiced and billed directly to the client with payments due within thirty days of the
       quarter end. clients may select the method in which they are billed.

C. Clients Are Responsible for Third Party Fees

Clients are responsible for the payment of all third-party fees (i.e., custodian fees, brokerage fees,
mutual fund fees, transaction fees, etc.). The third-party fees are charged separately and are
distinct from the fees and expenses charged by FGP. FGP will NOT wrap third party fees into its
fee and charge clients one fee, using the fee collected from the client to pay the third party on
client’s behalf. Please see Item 12 of this brochure regarding broker/custodian.

D. Prepayment of Fees

FGP collects its fees in arrears. It does not collect fees in advance.

E. Outside Compensation for the Sale of Securities to Clients

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

Item 7: Types of Clients

FGP generally provides investment advisory services to the following types of clients:
          Pooled Investment Vehicles

Also, FGP provides sub-advisory services to the following types of clients:
           Registered Investment Companies

FGP generally requires a minimum account size of $1,000,000 but FGP may waive this minimum
at its discretion.