Gould Asset Management LLC

Item 5 – Fees and Compensation
 Gould’s fees are determined by many factors, including, but not limited to, a client’s investment
 objectives, the size of the investment portfolio to be managed, any applicable portfolio
 restrictions, and the scope of the overall engagement. A client’s risk tolerance and corresponding
 investment objectives may be determined through discussions with Gould employees, the use of
 risk tolerance questionnaires, and/or by a third-party financial adviser. All fees and account
 minimums are negotiable, including accounts managed on a sub-advisory basis. Gould prices its
 services based upon various objective and subjective factors. As a result, Gould clients could pay
 different fees based upon the market value of their assets, the complexity of the engagement, and
 the level and scope of the overall investment advisory and/or consulting services to be rendered.
 As a result of these factors, the services provided by Gould to any particular client could be
 available from other advisers at lower fees. The specific way fees are charged by Gould is
 established in a client’s written agreement with Gould.

 Asset-Based Fees
 Client fees are generally billed quarterly, in advance, based on the prior quarter-end market value
 of the client’s account.
 Any initial or subsequent deposit of cash and/or securities made on a day other than the first day
 of a calendar quarter will be subject to a management fee charge for the prorated remainder of
 the calendar quarter, provided both of the following conditions are met: (1) the market value of
 the amount deposited is at least $100,000; and (2) the calculated prorated management fee
 charge is at least $250.00. If either condition is not met, no partial-quarter management fee will
 be charged. Any partial-quarter management fee due may be waived at Gould’s sole discretion.
 Any withdrawal of cash and/or securities, including withdrawals made upon termination of the
 investment advisory relationship, made on a day other than the first day of a calendar quarter will
 receive a refund of a previously charged management fee for the prorated remainder of the
 calendar quarter, provided both of the following conditions are met: (1) the market value of the
 amount withdrawn is at least $100,000; and (2) the calculated prorated management fee refund is
 at least $250.00. If either condition is not met, no partial-quarter management fee refund will be
 made.

 Gould does not make partial quarter fee refunds with respect to any Client withdrawal of funds
 arising solely as a result of margin borrowing against the assets in the Client’s account. Likewise,
 Gould does not assess partial quarter fee charges on any Client addition of funds having the sole
 effect of reducing the Client’s margin borrowing balance.

 Gould reserves the right to include accrued interest in the market value of accounts for the
 purpose of calculating fees.

 Gould generally relies on securities valuations provided by the client’s custodian on the date as of
 which the fees are calculated. With respect to certain PE Funds and RE LLC investments that report
 client account valuations with a material lag, Gould reserves the right to bill clients quarterly, in
 advance, based on the most current valuation of the investment provided by the PE Fund sponsor
 or RE LLC sponsor.
 Below is a list of Gould investment strategies and a representative fee rate. The actual fee for any
Gould Asset Management LLC                          8                               Dated March 27, 2026

                                                    Form ADV Part 2

 given client may be higher or lower, depending on the particular circumstances. Fee discounts may
 be granted at Gould’s discretion based on a client’s total assets with Gould and/or within an
 individual Gould investment strategy. Fees may be lowered or waived at Gould’s discretion. The
 maximum gross asset-based fee charged by Gould is 2.00% per year, plus up to an additional
 0.25% per year for certain non-standard accounts. Gould may also assess a minimum portfolio
 management fee of up to $750 per quarter. Performance-based fees (see Item 6 below), if any,
 are in addition to any applicable asset-based fee.

                                Investment Strategy                          Annual Fee
                                Treasury Bills                                  0.25%
                                Quality Fixed Income                            0.50%
                                Capital Preservation                            0.75%
                                Diversified Income                              0.75%
                                TargetReturn                                    1.00%
                                BenchmarkPlus                                   1.00%
                                Equity Index Plus                               1.00%
                                Equity Dividend Growth                          1.00%
                                Lifetime Income                                 1.00%
                                RE LLC1                                         1.00%

                                PE Fund                                         1.00%
                                Private Markets                                 1.00%
                                Master Limited Partnerships                     1.25%
                                Global Growth & Resources                       1.25%
                                Concentrated Stock                              1.25%

 Investment minimums are described in Item 7, Types of Clients.

 Gould deducts asset-based fees directly from client accounts, where possible. When it does so,
 Gould sends the client a statement showing the amount of the fees, the value of the assets on
 which they are based, and the supporting calculation. When direct fee deduction is not possible,
...

Item 7 – Types of Clients
 Gould offers portfolio management services to individuals, corporate pension and profit-sharing
 plans, trusts, estates, charitable institutions, foundations, endowments, and other U.S. and
 international entities.

 Gould generally requires an aggregate minimum investment of $1 million. In its sole discretion,
 Gould may waive its required minimum investment.