Huber Capital Management LLC

Item 5 – Fees and Compensation

Generally, HCM’s fees are based on a standard fee schedule for the type of service being
provided pursuant to our standard investment management contract for that class of client (e.g.
mutual fund, separate account, etc.) (each a “Standard Client”). Fees under those schedules are
computed on the basis of a specified percentage of the market value of assets under management,

or in the case of a model manager arrangement, of assets under advisement. Fees may vary from
the standard schedules depending on the nature of services rendered, special requirements of the
account (such as particular regulatory, compliance, or other requirements) or other factors (such
as potential size, product life-cycle and cross-over business). Fees are generally negotiable and
may differ for sub-advisory accounts, large accounts, non-discretionary or restricted-discretion
accounts, or certain non-U.S. accounts. HCM may offer blended fee schedules to existing clients
with accounts across product lines. In addition, HCM may in accordance with applicable laws
enter into performance-based compensation arrangements, which are discussed in further detail
in Item 6 below.

With respect to separate account clients, fees are normally paid on a calendar quarter basis, and
while HCM’s current clients are typically billed in arrears, the client may be billed either in
arrears or in advance, as set forth in the contract. Clients will be invoiced ahead of any fees
deducted from their account. Either party may terminate the contract upon written notice as set
forth in the contract. Upon termination of any account, any prepaid, unearned fees will be
promptly refunded, and any earned, unpaid fees will be due and payable. Inquiries regarding any
refundable fees may be directed to HCM at 310-207-8400. Any refundable fees are subject to
transaction costs associated with the termination of an account.

HCM generally offers primarily value investment styles and seeks to match clients with an
investment style for their specific needs. As of December 31, 2025, HCM offers seven
institutional strategies, though certain newer strategies may not be made available to all clients at
this time. The Investment Advisory (Management) Fees for Standard Clients managed as
separately managed institutional accounts (on an annual basis):

Large Cap Value strategy
0.50% of assets under management
Minimum account size: generally $20 million

Select Large Cap Value strategy
0.75% of assets under management
Minimum account size: generally $20 million

Mid Cap Value strategy
0.90% of assets under management
Minimum account size: generally $20 million

Select Small-Mid (“SMID”) Cap Value strategy
1.00% of assets under management
Minimum account size: generally $20 million

Small Cap Value strategy
1.25% of assets under management
Minimum account size: generally $20 million

Global Large Cap Value strategy
0.75% of assets under management
Minimum account size: generally $20 million

International Large Cap Value strategy
0.75% of assets under management
Minimum account size: generally $20 million

Fees are negotiated based on anticipated or actual assets under management (or assets under
advisement), investment type, account characteristics and the specific services to be provided.

Fees for the registered investment companies to which HCM provides advisory services (the
“Huber Funds”) are outlined in the respective fund’s prospectus and are governed by each
respective fund’s agreements with HCM.

Holdings in a client’s account may include investment companies and/or exchange-traded funds
(“ETFs”), which may in turn impose management fees payable to the particular fund’s
adviser(s), or which may be subject to additional administrative or other expenses. Unless HCM
serves as an adviser to a fund or is otherwise affiliated, these other fees and expenses are
generally not payable to HCM and are separate from the management fees that HCM charges. In
the event that separate account client assets are invested in an investment company advised by
HCM, those assets are excluded from the applicable separate account fee schedule.

In connection with the provision of model portfolios to a model manager, HCM typically
receives a fee from the model manager based on a percentage of the assets managed in
accordance with such model portfolio. Fees for model manager arrangements may vary on
factors including, but not limited to, size and nature of account/relationship, the particular
strategy utilized, and the operational/servicing requirements.

Other investment advisers may charge higher or lower fees for comparable services.
HCM’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the client. Clients may incur certain charges imposed
by custodians, brokers, and other third-party service providers. Clients may also be subject to
deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees,
and other fees and taxes on brokerage accounts and securities transactions. Mutual funds such as
the Huber Funds and exchange traded funds are typically subject to their own expenses (which
may include administrative, operating, and other expenses) and the mutual funds in which HCM
may cause a client to invest may also charge their own internal management fees, which are
disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of and in
addition to HCM’s fee, and HCM does not receive any portion of these commissions, expenses,
fees, and costs. Item 12 further describes the factors that HCM considers in selecting or
recommending broker-dealers for client transactions and determining the reasonableness of the
broker-dealers’ compensation (e.g., commissions).

Subject to HCM’s policies and procedures and only where permissible by applicable law, certain
...

Item 7 – Types of Clients

HCM provides portfolio management services to mutual funds and institutional separate
accounts. Additional types of clients may include domestic or foreign governmental entities and
investment companies organized under jurisdictions other than the United States, high net worth
individuals, banking or thrift institutions, investment companies, pension and profit-sharing
plans, private funds, other pooled vehicles, charitable organizations, corporations or other
businesses, state or municipal government entities, church plans, and endowments. In addition,
HCM may provide model portfolios to sponsors or managers of model-based investment
programs.

The minimum account size is generally $20 million for a separately managed account. The
minimum account size of the Huber Funds is set forth in each fund’s prospectus. Minimums
may be waived under certain circumstances at HCM’s sole discretion.

HCM may use client lists when soliciting new clients provided that the existing clients included
on such lists have not requested confidentiality, and otherwise, solely in accordance with
applicable law.