Naples Asset Management Co LLC

Item 5 — Fees and Compensation

General Fee Information
Fees paid to us are exclusive of all custodial and transaction costs paid to the client’s custodian, brokers or other
third-party consultants. Please see Item 12 - Brokerage Practices for additional information. Fees paid to us are also
separate and distinct from the fees and expenses charged by mutual funds, ETFs or other investment pools to their
shareholders (generally including a management fee and fund expenses, as described in each fund’s prospectus or
offering materials). The client should review all fees charged by funds, brokers, us and others to fully understand the
total amount of fees paid by the client for investment and financial-related services.
Financial Planning Fees
When we provide financial planning services to clients, these services are generally part of our portfolio management
services. If a separate fee is to be charged for financial planning, it will be negotiated at the time of the engagement
for such services and will normally be in the form of a fixed fee.
Portfolio Management Fees
The portfolio balance will be determined by the market value reported by the custodian. In the absence of a set
market value, a value will be agreed upon between NAMCOA® and the client. NAMCOA®’s fees are negotiable,
usually a maximum fee of 2% per annum will be charged for all assets.
Although we have established the standard fee structure set forth above, we retain the discretion to negotiate or waive
fees on a client-by-client basis. We may also negotiate a fixed fee or negotiate a minimum portfolio value and/or a
minimum fee. In proposing the fee structure for your account(s), we consider the nature of our proposed advisory
relationship, which is determined by the assets to be placed under our management, anticipated future additional
assets, services provided, other accounts you may have with us, account type, portfolio style, account composition,
and reporting, among other factors. Your specific annual fee structure is described in your Advisory Agreement
(“Agreement”) with us. Also, pre-existing advisory clients are subject to any minimum fee requirements and advisory
fees in effect at the time the client entered into the advisory relationship with us. Therefore, the applicable minimum
fee requirements as well as advisory fees paid will differ among clients, and other clients may pay less than you or
have lower minimums.
Asset-based portfolio management fees are generally payable quarterly, in arrears. The client’s total asset value at
the end of each month in the quarter are averaged to calculate the “average monthly balance” for the quarter. The
average monthly balance is applied to the annual fee schedule set out in the client’s Agreement and then divided by

four (4) to calculate the quarterly fee. Clients with a fixed fee arrangement may be charged quarterly in advance or
arrears. Each client’s specific fee arrangement is detailed in the client’s Agreement with us.
If management begins after the start of a quarter, fees will be prorated accordingly. With client authorization and
unless other arrangements are made, fees are normally debited directly from client account(s).

Either we or the client may terminate the Agreement at any time, subject to any written notice requirements in the
Agreement. In the event of termination, any paid but unearned fees will be promptly refunded to the client based
on the number of days that the account was managed, and any fees due us from the client will be invoiced or
deducted from the client’s account prior to termination.
Private Fund Fees
When a client invests in a Private Fund, the fees and other expenses assessed by the Private Fund will be separate
from and in addition to NAMCOA®’s fee. Additionally, some of the Private Funds that we recommend charge
performance-based fees. The applicable fees and expenses of each Private Fund are outlined in its offering documents
and should be reviewed by investors prior to investing. We do not receive any portion of these fees.
Separate Account Manager Fees
Each Manager will assess its own fee, which will be charged according to the Manager’s established fee schedule.
This will be disclosed to the client prior to the time of the engagement.

Item 7 — Types of Clients
We serve individuals, pension and profit-sharing plans, trusts, family offices, foundations, registered investment
advisors and estates. We may impose a minimum portfolio value eligible for conventional investment advisory
services and/or a minimum fee.