L&S Investment Advisors LLC

Item 5 – Fees and Compensation

The specific way fees are charged by L&S is established in a client’s written agreement with L&S.
Fees are subject to negotiation at the request of each client.

For its investment management services, L&S charges a management fee consisting of a fixed
annual fee plus percentage of the assets over the first $100,000 in value. L&S does not charge
a performance fee consisting of a percentage of the profits.

Portfolio Management Fees
The typical management fee is:

               Total Assets Under Management      Annual Management Fees
               Annual Flat fee of $1300 paid monthly in equal amounts plus
               the following annualized percentages based on the following
               amount of assets

                    $100,000 - $250,000                           1.30%
                    $250,001 - $500,000                           1.10%
                    $500,001- $1,000,000                          0.95%
                   $1,000,001 - $3,000,000                        0.85%
                   $3,000,001 - $6,000,000                        0.70%
                  $6,000,001 – $10,000,000                        0.60%
                  10,000,001 - $25,000,000                        0.45%
                      Over $25,000,001                            0.35%

 L&S uses a calculation of the average of the net daily asset value as determined by the
 customer’s custodian for purposes of determining the market value of the assets that the
 advisory fee is based on.

                     L&S Investment Advisors LLC Brochure as of October 1, 2025

This fee Schedule is for new clients that are accepted by L&S as of August 1, 2025. Existing
clients will not be affected by the new rates unless the new rates are more advantageous for
the clients. L&S will compare the fees of all existing clients and compare them to the new rate.
If the new rate is more beneficial for the existing client, then the existing client will be charged
the new rate starting on October 1, 2025.

These fees are generally negotiable. The final agreed fee schedule is attached as Exhibit III of
the Investment Advisory Agreement. Clients may terminate the Investment Advisory Agreement
without penalty for a full refund of L&S's fees within five business days of signing the Investment
Advisory Agreement. Thereafter, clients may terminate the Investment Advisory Agreement
with 30 days' written notice.

If appropriate, L&S may make investments in certain long-term funds such as hedge funds or
pooled investment vehicles managed by other money managers. If this occurs, investors will
also pay a fee to those unrelated money managers of the invested products. This will increase
the cost of management to the investor. It is possible that L&S may earn a fee from the other
money manager. If this occurs, L&S will record the amount received from the third party manager
and reduce the fee due on your account by the amount received. This credit will appear on your
invoice the month that L&S is paid. This will have the potential net effect of lowering your
management fee due to L&S and may ultimately have an effect of lowering your overall
expenses.

Payment of Fees

    Payment of Portfolio Management Fees
 Asset-based portfolio management fees are billed in arrears via custodians on behalf of clients.
 Custodians will withdraw the fees directly from the client's accounts usually through standing
 instructions issued by the client to the custodian. Fees are normally paid quarterly or monthly
 in arrears. However, if investors use Interactive Brokers (IBK) as a custodian and a brokerage
 firm through BP Plural Securities, LLC, then invoices will be issued and paid monthly. If a client
 objects to an invoiced amount, he may advise the custodian to withhold the payment and
 advise L&S as to the reason and then make other payment arrangements that would be
 agreeable with L&S.

    Client Responsibility for Third Party Fees
 Clients are responsible for the payment of all third-party fees (i.e., custodian fees, brokerage
 fees, mutual fund fees, management fees incurred from other money managers, transaction fees,
 etc.). Those fees are separate and distinct from the fees and expenses charged by L&S. Please
 see Item 12 of this brochure regarding brokerage practices.

    Prepayment of Fees

L&S collects its fees in arrears. It does not collect fees in advance, unless specifically requested
by an investor. If this occurs, then fees will not be collected more than 6 months in advance.

                   L&S Investment Advisors LLC Brochure as of October 1, 2025

      Outside Compensation for the Sale of Securities to Clients
  Neither L&S nor its supervised people function as a registered representative of any broker
  dealer. Considering this fact, neither the firm nor employees can or will accept any
  compensation or commissions for the sale of investment products. This includes commissions,
  12B-1 fees, or any other related sales fees.

Item 6 – Side-By-Side Management

L&S and does not perform side-by-side management.

Item 7 – Types of Clients

L&S provides advisory services to Individuals and High-Net-Worth Individuals,corporate entities,
trusts, and other institutions. There is no account minimum for any of L&S’s services.