Item 5: Fees & Compensation
William L. Zielinski, the firm’s vision has been to serve the needs
and advance the mission of religious and non-profit Each Fund pays IIAC a Management Fee equal to 0.89% per
organizations since its inception in 1957. From its start as an annum of each Fund's daily average total assets (which includes
accounting and auditing firm, the company has grown into a assets in each Fund's Reserve). Additionally, each Fund pays IIAC
worldwide provider of a complete range of services for religious an Administrative Fee equal to 0.2% per annum of each Fund's
and non-profit organizations, including audit, accounting, and daily average total assets (which includes assets in each Fund's
tax services; cash management and credit card services; and Reserve), subject to a minimum annual fee of $200,000,
financial, organizational, and ministry planning services. apportioned between the two Funds according to their
respective NAVs. The Management and Administrative Fees are
As of December 31, 2025, IIAC managed approximately
payable to IIAC within 15 business days after the end of each
$24.8 million of client assets on a discretionary basis. William L.
calendar month. Management Fees and Administrative Fees are
Zielinski Lifetime Trust is currently 100% owner of IIAC. Dr.
non-negotiable.
Gregory W. Zielinski is IIAC’s President.
In addition to management and administrative fees, each Fund
IIAC serves as the manager and discretionary investment adviser
pays its respective routine operating costs involved in its
to the Funds. As such, we determine which securities the Funds
operations including, but not limited to, broker fees, custodial
buy and sell. Our clients cannot impose restrictions on investing
fees, and professional fees. The Funds also absorb any
in certain securities or types of securities. The securities held by
extraordinary expenses such as the expense of defending the
the Funds may include, amongst other securities, mortgage-
Fund in litigation or paying indemnification claims.
backed securities such as agency mortgage-backed securities;
collateralized mortgage obligations; U.S. Treasury and non-MBS IIAC has engaged the services of Zielinski Companies, Inc. to
agency bonds; investment grade corporate bonds; certificates of provide investment management, administrative, and
deposit, and other income-producing investments such as operational services. Zielinski Companies, Inc. invoices IIAC each
preferred securities, bond funds, convertible bonds, private month for services rendered. Zielinski Companies, Inc. also
placement investments, and ETFs. We may sponsor or manage invoices each Fund each month for its routine operating costs
additional private investment funds and separately managed not directly billed to the Fund including, but not limited to, rent,
accounts in the future. phone, copiers/printers, stationary, supplies, postage, and other
routine operating costs.
As the discretionary investment adviser to the Funds, IIAC
manages all of the assets of the Fund, including: (i) analysis and Item 6: Performance-Based Fees & Side-By-
investigation of potential investments; (ii) analysis and
investigation of potential investment sales; (iii) monitoring of Side Management
the Fund’s portfolio performance; and (iv) acting for the Fund in Our firm does not manage any performance-based accounts
any other investment management-related matters. In no event and, as such, neither our firm nor our personnel receive
will IIAC have actual custody of the Fund’s assets. performance-based fees.
Additionally, IIAC provides the Fund with administrative and
operational services, including investor communications, capital Item 7: Types of Clients
account calculations, processing of investors’ capital The Funds are our sole clients, with minimum investor
contributions and withdrawals, accounting services, net asset qualifications. Investors in both Funds must be accredited
value (NAV) calculation, unaudited financial statement investors. Investors in the IIIF–William Fund must also be
preparation and potentially tax reporting, and other services. qualified purchasers and the IIIF–Mary Fund may not have more
IIAC will continue serving as the manager of the Funds until the than 100 investors. Members of the Funds are religious
termination of the Funds unless removed on an earlier date (a) institutes and institutions with a call to mission.
by approval of the Members upon final determination by a court
of competent jurisdiction that IIAC (i) willfully and materially
breached its fiduciary duties to the Funds or its Members, or (ii)
IIAC/COMP-0326 1
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