Monhegan Capital Management LLC

Item 5 – Fees and Compensation
The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
agreement with the Advisor and/or Independent Managers.

A. Fees for Advisory Services
Wealth Management Services
For Clients who engage the Advisor for wealth management services, the Advisor will charge a single combined
wealth management fee for investment management and financial planning services. Wealth management fees are
paid quarterly, in advance of each calendar quarter, pursuant to the terms of the agreement. Wealth management
fees are based on the market value of assets under management at the end of the prior calendar quarter. Wealth
management fees range from 0.05% to 1.00% of assets under management annually, based on several factors,
including: the complexity of the services to be provided, the level of assets to be managed, and the overall
relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio
restrictions and other complexities may be charged a higher fee. Fees may be negotiable at the sole discretion of
the Advisor. The Client’s fees will take into consideration the aggregate assets under management with the Advisor.

The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. All securities held in accounts managed by Monhegan Capital will be independently valued
by the Custodian. Monhegan Capital will conduct periodic reviews of the Custodian’s valuations.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and
other related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the
Advisor shall not receive any portion of these commissions, fees, and costs.

Use of Independent Managers – As noted in Item 4, the Advisor may implement all or a portion of a Client’s
investment portfolio utilizing one or more Independent Managers. To eliminate any conflict of interest, the Advisor
does not earn any compensation from an Independent Manager. The Advisor will only earn its wealth management
fee as described above. Independent Managers will not typically offer any fee discounts, but may have a breakpoint
schedule which will reduce the fee with an increased level of assets placed under management with an
Independent Manager. The terms of such fee arrangements are included in the Independent Manager’s disclosure
brochure and applicable contract[s] with the Independent Manager. The total blended fee, including the Advisor’s
fee and the Independent Manager’s fee will not exceed 2.00% annually.

                                          Monhegan Capital Management, LLC
                                                       Darien, CT
                                                  Phone: (203) 424-0656
                                           https://www.monhegancapital.com/

B. Fee Billing
Wealth Management Services
Wealth management fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at
the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted
from the Client’s account[s] at the beginning of the respective quarter. The amount due is calculated by applying the
quarterly rate (annual rate divided by 4) to the total assets under management with Monhegan Capital at the end of
the prior quarter. Clients will be provided with a statement, at least quarterly, from the Custodian reflecting
deduction of the investment advisory fee. It is the responsibility of the Client to verify the accuracy of these fees as
listed on the Custodian’s brokerage statement as the Custodian does not assume this responsibility. Clients provide
written authorization permitting advisory fees to be deducted by Monhegan Capital to be paid directly from their
account[s] held by the Custodian as part of the wealth management agreement and separate account forms
provided by the Custodian.

Use of Independent Managers – For Client accounts implemented through an Independent Manager, the Advisor
and the Independent Manager will each assume the responsibility for calculating and deducting their respective
fees from the Client’s account[s].

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than Monhegan Capital, in connection
with investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and
securities execution fees charged by the Custodian. The Advisor's recommended custodian does not charge
securities transaction fees for ETF and equity trades in Client accounts, but typically charges for mutual funds
and other types of investments. The fees charged by Monhegan Capital are separate and distinct from these
custody and execution fees.

In addition, all fees paid to Monhegan Capital for investment advisory services are separate and distinct from the
expenses charged by mutual funds and ETFs to their shareholders, if applicable. These fees and expenses are
described in each fund’s prospectus. These fees and expenses will generally be used to pay management fees
for the funds, other fund expenses, account administration (e.g., custody, brokerage and account reporting), and
a possible distribution fee. A Client may be able to invest in these products directly, without the services of
Monhegan Capital, but would not receive the services provided by Monhegan Capital which are designed,
among other things, to assist the Client in determining which products or services are most appropriate for each
Client’s financial situation and objectives. Accordingly, the Client should review both the fees charged by the
...

Item 7 – Types of Clients
Monhegan Capital offers wealth management services to high-net-worth individuals, trusts, estates and
charitable organizations. Monhegan Capital generally requires a minimum relationship size of $5,000,000 to
effectively implement its investment approach. Additionally, certain Independent Managers may impose a
minimum fee.