Orange Avenue Advisors LLC

Item 5 Fees and Compensation

The Advisor typically charges asset-based fees according to an annual schedule, billed quarterly
in arrears. Clients are responsible for additional costs, including custodian and fund-level fees.
Clients investing through third-party platforms will also incur custodial or program fees, as
determined by the third-party. Orange Avenue Advisors does not receive any portion of those
custodial or platform fees. All fees and expense arrangements are disclosed in the client’s
investment management agreement and in each Sub-Adviser’s Form ADV Part 2A brochure.

In addition to investment management fees, client accounts will also incur various additional
expenses. These may include professional and administrative costs, such as legal, compliance
(including expenses related to compliance software), audit, and accounting fees (including third-
party accounting services). Clients may also be responsible for organizational and administrative
expenses, as well as investment-related costs such as brokerage commissions, research expenses
(including data services and research-related travel), and transaction costs associated with the
purchase or sale of securities.

Additional expenses may include risk management costs (including expenses related to risk
management software), interest on margin accounts or other indebtedness, borrowing charges on
securities sold short, custodial fees, bank service fees, and fees paid to underlying portfolio
managers. Clients are also responsible for their pro rata share of expenses of any investment
entities or accounts in which they invest, insurance-related costs (including directors and officers
(“D&O”) insurance), and any other costs reasonably incurred in connection with the management,
purchase, sale, or transfer of client assets. All such expenses are borne directly by the client and
are separate and distinct from Orange Avenue Advisors’ management fees.

Item 7 Types of Clients

Orange Avenue Advisors provides institutional-only, discretionary investment advisory services
and asset administration to financial institutions, including but not limited to credit unions. There
is no minimum account size or other predetermined account requirement.

Layered Fee Risk: Total client costs may be higher due to multiple managers receiving
compensation.

Platform Risk: When Sub-Advisers are accessed through third parties or other third-party
custodians, system outages or service limitations could affect trading or account access.

Orange Avenue Advisors endeavors to mitigate these risks through diversification across
managers, ongoing monitoring, and periodic performance and compliance reviews.

Orange Avenue Advisors may manage client assets using stable value investment strategies.
These strategies seek to preserve principal and provide steady returns through investments in
high-quality fixed-income instruments, combined with contracts that help stabilize value over
time. Although the strategy aims to reduce volatility relative to traditional bond portfolios, stable
value investments are subject to several material risks, including but not limited to the following:

Investment Contract Risk: Stable value portfolios often invest in insurance or bank contracts
(“wraps”) that are designed to maintain a stable net asset value. The continued operation of these
contracts depends on the financial strength and contractual performance of the wrap issuers. If a
wrap provider fails or terminates its contract, client withdrawals may be processed at the market
value of the underlying securities, which could be less than book value.

Credit and Counterparty Risk: The strategy invests in fixed income securities and relies on
third-party contract providers. A downgrade, insolvency, or default by any issuer or provider could
adversely affect the portfolio's value or the fund's ability to maintain principal stability.

Interest Rate and Market Risk: Changes in market interest rates impact the market value of
underlying securities. When interest rates rise, the market value of fixed income holdings typically
declines. Significant rate movements or sustained differences between market and book values
could challenge the portfolio's ability to maintain its targeted stability.

Liquidity Risk: Stable-value investments depend on the liquidity provisions of investment
contracts. Under certain market conditions or plan-level events, withdrawals may be limited,
delayed, or processed at market value. Large or unanticipated cash flows, such as plan terminations
or participant redemptions, can affect liquidity.

Contract Termination Risk: Investment contract issuers may have rights to terminate coverage
under specific circumstances, such as changes in investment guidelines, plan mergers, or
regulatory developments. Replacement coverage may not be available on comparable terms, which
could lower the fund’s yield or increase volatility.

Inflation and Opportunity Cost Risk: Stable value returns generally lag broader fixed-income
or equity market returns during periods of economic expansion. Over time, returns may fail to keep
pace with inflation, resulting in reduced real purchasing power for investors.

Regulatory and Structural Risk: Changes in insurance, banking, or securities regulation may
affect the issuance or operation of wrap contracts or similar instruments. Adjustments in
accounting or valuation practices may also alter the presentation of portfolio results.

No Guarantee of Principal: Although stable value strategies aim to preserve capital, no assurance
or guarantee is provided by Orange Avenue Advisors, any wrap provider, custodian, or the U.S.
Government. Clients could lose money by investing in a stable value portfolio, and past
performance is not indicative of future results.

Equity: Equity investments represent ownership interests in companies, typically in the form of
common or preferred stock. Investors may earn returns through dividends and/or capital

appreciation if the value of the stock increases. However, the market value of equity securities can
fluctuate significantly based on company-specific factors, industry conditions, political and
economic developments, and overall market trends. Equity investments are therefore subject to
market risk, including the potential loss of principal.

Fixed income: Fixed income investments generally provide a return on a scheduled basis, though
payment amounts and timing may vary depending on the security. Such investments include
corporate and government bonds, leveraged loans, high-yield and investment-grade debt, and
structured products such as mortgage-backed or asset-backed securities. The fixed income market
is subject to interest rate risk (bond values typically decline when interest rates rise), as well as
credit, default, liquidity, call, and inflation risks. Foreign fixed-income securities may also involve
additional risks related to currency fluctuations, political instability, and foreign regulatory
environments. While U.S. Treasury securities are considered low risk, even inflation-protected or
inflation-linked bonds may lose value if market interest rates change or if inflation expectations
shift.

Real estate funds (including REITs): Investments in real estate funds or Real Estate Investment
Trusts (REITs) involve risks unique to the real estate sector, which historically has experienced
performance cycles and volatility. Factors that may negatively impact real estate investments
include local or national economic downturns; competition from comparable properties; rising
interest rates or tightening credit markets; changes in tax laws or zoning regulations; increases in
operating expenses or property taxes; and environmental liabilities or changes in environmental
laws. Additionally, the need for ongoing capital improvements or adverse governmental actions
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