Northeast Advisers Inc

5. Fees and Compensation

               Northeast Advisers, Inc. provides fee-only investment advisory consulting services utilizing
               a four-step investment advisory process:

                   1.   Analyze Current Portfolio
                   2.   Design Investment Policy Statement (IPS)
                   3.   Implement Investment Strategy
                   4.   Monitor and Supervise Portfolio

               As stated in our firm’s Advisory Services Agreement, NAI will accept no commission or
               undisclosed remuneration. In consideration of the services to be performed, NAI shall be
               paid quarterly, in arrears, an amount based on the total market value of the account assets
               as of the last day of the previous calendar quarter on an annual percentage rate. This fee
               may be negotiable depending on the characteristics and particular circumstance of the
               client. Fees may be reduced or waived entirely for NAI associates, employees, family,
               directors and securities holders, or others as deemed appropriate by NAI. Services begin
               with the effective date of the Agreement. Fees for the initial quarter will be adjusted pro
               rata based upon the number of calendar days in the calendar quarter that the Agreement is
               effective. Fees will also be pro-rated for the portion of a quarter in which an account is
               terminated. The client has the right to terminate at any time by submission of written
               notice to the Adviser and the custodian.

               NAI fees are typically deducted directly from Client accounts. Custodians will provide the
               client with a monthly or quarterly statement showing an inventory of the investments and
               transactions, which includes fees automatically deducted from their accounts.

               In some cases, clients are billed directly by NAI via first class mail. These invoices reflect the
               amount of the fee, the value of the Client’s Account on which the fee was based, and the
               specific manner in which NAI’s fee was calculated.

FORM ADV                Applicant:                                           SEC File Number: Date:
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                        Northeast Advisers, Inc.                             801-57720        March 2025

               Fees are normally based on a sliding scale or on a flat percentage basis or may also be
               engaged on a financial planning or project consulting basis for a flat fee. The sliding scale is
               as follows:

                   Account Size                            Fee
                   Up to $999,999                        1.00%
                   $1,000,000 to $1,499,999              0.85%
                   $1,500,000 to $1,999,999              0.75%
                   Over $2,000,000                      Negotiable
               (Multiple accounts from the same investor may be combined for fee purposes at NAI’s
               discretion.)

               NAI also provides fee-based financial planning services. Financial Planning fees are billed at
               an hourly rate, not to exceed $200 per hour. Clients receive a fee estimate and a full
               description of services to be provided as part of the Financial Planning Agreement.
               Financial planning costs may be waived for investment clients. No minimums are required
               for financial planning services.

               Clients should be aware that they are assessed additional fees by money management firms
               which may include separate account money managers’ fees, mutual fund internal expenses,
               12b-1 fees, platform fees, and transfer fees, in addition to advisory fees charged under our
               Advisory Agreement. The custodian and/or trading brokerage charge a separate
               transaction-based fee on some mutual funds. These fees are automatically deducted from
               the client’s account. NAI will not receive any portion of these charges.

               NAI has entered into a service agreement with Orion Advisor Services (Orion) for back office
               and certain administrative services. NAI pays Orion directly for performance reporting and
               billing services.

7. Types of Clients

               NAI provides investment advice and financial planning services to individuals, pension and
               profit sharing plans, trusts, estates, charitable organizations and corporations.

               NAI’s relationships are often initiated by referrals from professionals or existing clients. Our
               diverse client base includes: individual investors who are accumulating and protecting

FORM ADV                 Applicant:                                         SEC File Number: Date:
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                         Northeast Advisers, Inc.                           801-57720        March 2025

               wealth and understand the benefits of a written game plan, consolidated reporting, and an
               ongoing advisory relationship that places their interests first; families that employ financial
               and estate plans designed to shepherd their assets across generations; businesses who
               sponsor retirement plans that seek a highly functioning suite of services, including an
               adviser acting as a co-fiduciary; retirement plan clients seeking design, plan administration,
               and participant education on an ongoing basis; and institutions seeking responsible
               stewardship of their financial resources. This includes working with the boards of
               foundations and endowments to meet their goals while adhering to the highest fiduciary
               standard.

               For advisory services, NAI’s requires a minimum aggregate relationship size of $250,000 in
               assets under advisement. However, the minimum may be waived by NAI subject to
               consideration of anticipated future contributions or other factors. No minimum value is
               required for financial planning services.