Item 5.A: Advisory Fees and Compensation
The In-Depth Funds
The In-Depth Funds are subject to asset-based compensation (the “Management Fee”). Each In-Depth
Fund pays the Investment Manager the Management Fee in advance promptly at the beginning of each
calendar quarter. The Administrator calculates each In-Depth Fund’s Management Fee. The Management
Fee will be calculated at a rate of 1.00% or 1.50% based on (i) the relevant percentage factor, multiplied by
(ii) the In-Depth Funds opening net asset value (generally, gross assets minus liabilities, or “Net Asset
Value”) for the quarter. The Management Fee will be prorated in the event of a mid-quarter subscription,
such that the calculation of the Management Fee for that quarter will be adjusted proportionally to the
portion of the quarter remaining at the time the interests were purchased. No similar adjustment or return
of fees will be made for a mid-quarter withdrawal.
Each Investor in the In-Depth Funds is subject to a performance-based allocation (the “Performance
Allocation”) of 20% of performance over the MSCI ACWI Index, expressed in U.S. dollars. The
Performance Allocation is due to be reflected as being made by the Funds to the Investment Manager as of
the end of each Performance Period.
The Sub-Advised Fund
In-Depth receives from the Sub-Advised Fund a performance-based fee (the “Performance Fee”), as
determined in accordance with the Advisory Agreement.
Please see Item 6: Performance-Based Fees and Side-By-Side Management, for more details.
Item 5.B: Payment of Fees
In-Depth deducts the Management Fee and Sub-Advisory Fee at the frequency discussed above in response
to Item 5.A.
Item 5.C: Other Fees and Expenses
The In-Depth Funds
Each In-Depth Fund bears its own fees and expenses, which are not subject to any cap. The Investment
Manager has capped the In-Depth Funds’ organizational and initial offering expenses at $100,000, and the
Investment Manager will bear such expenses to the extent they exceed that figure. The Investment Manager
may, in its discretion, bear certain expenses of the In-Depth Funds, but it makes no undertaking it will do
so, and Investors should expect that the In-Depth Funds will bear them, even if the Investment Manager
has borne them for earlier periods.
The Sub-Advised Fund
Expenses incurred by the Firm in the performance of the activities covered by the Advisory Agreement,
including general expenses necessary for the operation of the Firm’s office, shall be reimbursed by the Sub-
Advised Fund. The Sub-Advised Fund will be subject to its overall operating expenses, including any
management fee paid to a fund manager, as well as any custodial or fund administration fees, among other
fund expenses. Any Sub-Advised Fund client that receives advice as to a short strategy involving exchange-
traded funds (“ETFs”) will be subject to financing costs relating to short selling as well as, indirectly, fees
and expenses of the ETFs, to the extent those fees and expenses are considered to be indirectly borne by a
Sub-Advised Fund client rather than benefiting the economic results of the short sale. The Sub-Advised
Fund will also be subject to brokerage and other transaction costs -- see Item 12 “Brokerage Practices”
below for more details.
Item 5.D: Fees Paid in Advance
The In-Depth Funds
As discussed above, in response to Item 5.A., the Management Fee is payable quarterly in advance.
The Sub-Advised Fund
As discussed above, in response to Item 5.A., the Sub-Advised Fund does not pay any fees to the Firm in
advance.
Item 5.E: Compensation for the Sale of Interests
The Firm does not receive compensation for the sale of securities or other investment products, including
asset-based sales charges or service fees from the sale of mutual funds.