Government Portfolio Advisors LLC

ITEM 5 - FEES AND COMPENSATION

Fee Schedule

Investment Management Services

         We typically charge high net worth clients a basis point fee on assets under management
for investment management services, which generally ranges from 20-50 basis points of assets
under management as of the initial contract date. Some clients pay more or less than others
depending on certain factors, including the type and size of the account, the range of additional
services provided to the client, and the total amount of assets manage for a group of related
clients. The fee is specified in the contract the client has with us. Client contracts may provide
that, if assets under management exceed a stated amount during the term of the contract, the
fees are subject to negotiation for the remainder of the term. Any fees based on asset size may
be adjusted annually.

Payment of Fees

        GPA’s advisory fees for investment advisory services are payable either monthly or
quarterly, in arrears, based on the fee provided in the investment management agreement. GPA
will invoice based on the agreement terms and will receive payment by check, ACH or wire

Government Portfolio Advisors LLC
Form ADV Part 2A – Disclosure Brochure                                               March 2, 2026

transfer. If your agreement begins during a payment period, we will prorate the fee you pay for
the initial partial payment period, based on the number of days from the beginning of your
agreement until the end of the initial payment period.

        Either party may terminate the agreement upon thirty (30) days written notice to the other
party. If you pay fees in advance and if your agreement with us terminates during a payment
period, we will refund a pro rata portion of the fee you paid for that quarter, based on the number
of days between the end of the 30-day notice period and the end of the payment period. GPA
will submit an invoice to the client showing the advisory fees due for services rendered and not
yet paid.

Other Fees and Expenses

       GPA’s fees do not include custodian fees. Clients pay all commissions and other charges
incurred in connection with transactions in accounts, from the assets in the account. These
charges are in addition to the fees client pays to GPA. See Item 12 - Brokerage Practices below
for more information on the factors that GPA considers in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of their compensation (e.g.,
commissions).

No Compensation from Sales or Purchases of Securities

       GPA and its employees do not accept compensation for the sale or purchase 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
        GPA provides investment management services, on a non-discretionary or discretionary
basis, to the following types of clients:

           •   State and Municipal Government Entities
           •   Special Municipal Districts
           •   Risk Management Pools for Government Entities
           •   Higher Education Institutions
           •   Power Districts
           •   Transit Authorities
           •   School Districts
           •   High Net Worth Individuals and Trusts
           •   Water & Wastewater Districts
           •   Non-profit Organizations

Government Portfolio Advisors LLC
Form ADV Part 2A – Disclosure Brochure                                               March 2, 2026

Other types of clients that may benefit from our services are:

           •    Banking institutions
           •    Corporations and other businesses
           •    Foundations and other charitable organizations