Merganser Capital Management LLC

Fees and Compensation
   Description
       Merganser charges advisory fees to its clients for its investment management
       services at rates agreed upon by Merganser and its clients based upon a
       percentage of assets under management. The general account annual fee
       schedule for Merganser’s primary strategies is as follows:
       Floating Rate Bond
                      0.25%       first      $50,000,000
                      0.20%       next       $50,000,000
                      0.15%       over      $100,000,000

       Cash Enhanced
                   0.18%          first     $100,000,000
                   0.12%          over      $100,000,000

       Short 1-3 Year, Short 1-5 Year
                      0.25%      first       $50,000,000
                      0.20%     next         $50,000,000
                      0.15%     over        $100,000,000

       Short Income, Intermediate, Core, Core Plus
                      0.30%    first   $50,000,000
                      0.25%   next     $50,000,000
                      0.20%   over    $100,000,000

                          Merganser Capital Management, LLC

   Merganser, in its sole discretion, may waive its stated fee and/or charge a
   reduced advisory fee based upon certain criteria (e.g., historical relationship,
   type of assets, anticipated future earning capacity, anticipated future additional
   assets, dollar amounts of assets to be managed, related persons, account
   composition, negotiations with clients, etc.).
   For customized services that do not fall within the product categories above,
   fees are negotiable.
   Advisory fees for separately managed accounts are billed quarterly, typically in
   arrears. Merganser does not deduct advisory fees from separately managed
   client accounts. Rather, Merganser bills such clients or, in the alternative, the
   client authorizes the custodian of the account to pay the applicable fee to
   Merganser. In certain instances, separately managed account clients pay
   advisory fees in advance. If an IMA with such a client is terminated before the
   end of a billing period, Merganser will refund to the client any pre-paid but
   unearned fees based on the number of days remaining in the billing period.
   Merganser also sponsors certain Funds, which are pooled vehicles formed as
   an alternative method of managing investor’s assets. Such Funds are intended
   to provide a means of investment for accredited investors with assets
   insufficient to justify separate account management, or for those desiring the
   additional diversification offered by the larger pool of investments. Merganser
   charges fees for its account management services for the Funds at an annual
   rate of (a) 0.20% of assets under management for the Merganser Short-Term
   Bond Fund LLC, (b) 0.20% of assets under management for the Merganser
   Floating Rate Bond Fund LLC, (c) 0.225% of assets under management for the
   Merganser Core Bond Fund II LLC, and (d) 0.225% of assets under
   management for the Merganser Short Income Fund LLC. Such fees are
   invoiced to the Funds each month and are generally paid by the Funds monthly
   in arrears. Except as may be provided in a Fund’s organizational documents
   or IMA, management fees paid by the Funds are indirectly borne by Fund
   investors.

Other Fees and Expenses
   Fees and expenses borne by separate account clients are set forth in the IMA
   with the individual client. Separately managed account clients’ custodians may
   charge transaction fees on purchases or sales of certain securities. Fees
   charged by the custodian are not included in the advisory fee.
   Except as set forth in its organizational documents, a Fund generally bears its
   own portfolio brokerage expenses. These expenses include commissions and
   dealer spreads, settlement costs, and all extraordinary expenses including but
   not limited to the costs associated with perfecting an interest in a security held
   by the Fund or the assertion of creditors’ rights, the costs of disputes with
   dealers and the costs of litigation (or defending threats of litigation, including
   discovery requests) involving the Fund, indemnification and other extraordinary

                      Merganser Capital Management, LLC

       expenses not incurred in the ordinary course of the Fund’s business. The
       determination of whether an expense of a client is extraordinary is made by
       Merganser in its sole discretion.
       Except as provided above and in the organizational documents of the Funds,
       Merganser generally pays for a Fund’s advisory and administrative services as
       well as the Fund’s marketing and distribution expenses, custody expenses,
       account maintenance expenses, annual accounting and audit expenses, tax
       preparation expenses, ordinary valuation and pricing expenses, ongoing legal
       expenses and organizational expenses.
       The Adviser may utilize the services of broker-dealers in connection with
       investments made by a client. Any brokerage or other transaction costs are
       borne by such client except as provided above or in the applicable client IMA
       or organizational documents.      For additional information, please see
       “Brokerage Practices” below.

Performance-Based Fees and Side-by-Side Management

       In limited situations, Merganser and its client may agree on a fee that is based
       on a share of the capital gains or capital appreciation of managed securities.
       Merganser did not charge any performance-based fees as of December 31,
       2025.

Types of Clients
   Description
       Merganser focuses on serving the fixed income investment needs of
       institutional clients. Merganser’s existing and future clients and Fund investors
       include, among others, (a) high net worth individuals, (b) banks, (c) nonprofit
       organizations, (d) pension and profit-sharing plans, (e) trusts, (f) estates, (g)
       charitable organizations, (h) university endowments, (i) corporations,
       (j) sovereign wealth funds, (k) limited partnerships and (l) limited liability
       companies in a variety of industries. Merganser also provides investment
       advice as a sub-adviser to investment companies registered under the
       Investment Company Act of 1940 (the “1940 Act”).
       The Adviser provides investment advisory services to the Funds and such
       investment companies. Investment advice is provided directly to the Funds and
       such investment companies and not individually to the investors in the Funds
       or investment companies. Investors in the Funds must be “accredited
       investors” as defined in Regulation D under the Securities Act of 1933.
       Client relationships vary in scope and length of service.

                         Merganser Capital Management, LLC

   Account Minimums
       The minimum separately managed account size is generally $20,000,000,
       except that the minimum separately managed account size for the Cash
       Enhancement strategy is generally $100,000,000.
       Merganser has sole discretion to waive these account minimums.
       In addition, investors wishing to invest less than $20,000,000 may invest in one
       or more of the Funds. The Funds do not have a minimum size, but minimum
       subscription amounts are established for certain Fund investors as provided in
       the relevant offering documents, which, in certain cases, are subject to waiver
       in Merganser’s sole discretion.

Methods of Analysis, Investment Strategies and Risk of Loss