Item 5: Fees and Compensation
MAP receives compensation for its investment advisory services by charging a fee on the
percentage of assets under management.
Fee Calculation & Billing
Unless by prior arrangement, investment advisory fees for clients are billed quarterly in arrears,
calculated based on the closing market value of the account on the last business day of the
calendar quarter as stated in each client’s investment management agreement. Fees are prorated
for the period if investment advisory services commence other than on the first day of such
quarter or terminate other than on the last day of such quarter. If such services terminate other
than on the last day of a quarter, the computation of such fees shall be based on the market value
of the assets in the account at the close of business on the date of termination. Investment
advisory services may be terminated by MAP or the client upon at least 30 days’ written notice
in advance of such termination date.
In certain limited circumstances by special arrangement, MAP has the authority to calculate and
deduct investment advisory fees directly from certain client accounts held at qualified custodians.
MAP has policies and procedures to prevent the deduction of fees to which MAP is not entitled
under the terms of its Investment Management Agreements.
Fee Schedules
Eastern Shore Capital Management Small Cap Equity Accounts
• First $25 Million 0.90% of assets per annum
• Next $25 Million 0.80% of assets per annum
• All Additional Assets 0.70% of assets per annum
Eastern Shore U.S. Small Cap CIT Accounts
• Class A* 0.65% of assets per annum
• Class B 0.80% of assets per annum
• Class M** 0.60% of assets per annum
*Class A units are available for any Eligible Plan that makes an initial contribution to the Eastern Shore U.S.
Small Cap CIT before such Fund reaches $50 million in aggregate net assets. To the extent an Eligible Plan’s
initial investment is into Eastern Shore U.S. Small Cap CIT’s Class A Units, all subsequent investments by such
Eligible Plan into the same Fund shall also be for Class A Units.
**Class M units are only available to Participating Plans who are entering the Eastern Shore U.S. Small Cap CIT
through a certain Investment Consultant.
Eastern Shore Capital Management Smid Cap Equity Accounts
• First $25 Million 0.90% of assets per annum
• Next $25 Million 0.80% of assets per annum
• All Additional Assets 0.70% of assets per annum
Global Value Advisors Global Equity Accounts **
• First $25 Million 0.90% of assets per annum
• Next $25 Million 0.80% of assets per annum
• All Additional Assets 0.70% of assets per annum
Global Value Advisors International Small Cap Equity Accounts**
• First $25 Million 1.00% of assets per annum
• All Additional Assets 0.90% of assets per annum
Global Value Advisors Emerging Markets Accounts **
• First $25 Million 1.00% of assets per annum
• All Additional Assets 0.90% of assets per annum
** Currently, separately managed accounts in the above GVA Strategies are being offered
the following early adopter fee schedules:
• Global Value Advisors Global Equity - 0.60% in perpetuity on all investments made
prior to strategy assets reaching $250 million
• Global Value Advisors International Small Cap Equity - 0.60% in perpetuity on all
investments made prior to strategy assets reaching $150 million
• Global Value Advisors Emerging Markets - 0.60% in perpetuity on all investments
made prior to strategy assets reaching $150 million
Fees are negotiable for certain client types and early investors in the strategies, and for accounts and
distribution channels where client service and portfolio administration requirements are reduced.
MAP reserves the right to negotiate fees within these areas.
Discounts, not generally available to MAP’s advisory clients, may be offered to family members
and friends of associated persons of MAP.
Other Account Fees
If directed by the client, the cash portion of a client’s portfolio can be invested in a money market
mutual fund or other cash equivalent. From time to time, a MAP strategy may also invest in
mutual funds, including exchange-traded funds (“ETFs”), as a strategic investment or
replacement for market exposure as part of tax loss harvesting. As such, fees paid to MAP are
separate and distinct from the fees and expenses charged by mutual funds and/or ETFs to their
shareholders. These fees and expenses are described in each fund’s prospectus. These fees will
generally include a management fee, other fund expenses, and a possible distribution fee. If the
fund also imposes sales charges, a client may pay an initial or deferred sales charge. A client
could invest in a mutual fund directly. Accordingly, the client should review both the fees
charged by the funds and the firm to fully understand the total amount of fees to be paid.
In connection with MAP’s advisory services, clients may incur, and are responsible for, the fees
and expenses charged by their custodians and imposed by broker-dealers. Such fees may
include, but are not limited to, custodial fees, transaction costs, fees for duplicate statements and
transaction confirmations, brokerage commissions, mutual fund expenses and fees for electronic
data feeds and reports. See the Brokerage Practices section for more information.
Global Value Advisors Fund LP (GVA Fund)
For investors in the GVA Fund who are advisory clients of MAP, MAP does not charge any
additional management fees for managing the investor’s interest in the GVA Fund other than
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