Fees and Compensation — Form ADV Part 2A (12/23/2019)
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Item 5 – Fees and Compensation
The investment advisory fee payable to the Adviser by the Fund is calculated daily and paid monthly, as a percentage of the Fund’s average daily net
assets and is set forth in the Fund’s Prospectus(es) and SAI. On an annual basis, the Fund’s Board of Trustees, including the Board members who are not
“interested persons” (as defined in the Investment Company Act) of the Fund, considers the renewal of the Fund’s investment advisory agreement,
including the advisory fee paid by the Fund to the Adviser.
Compensation arrangements for institutional clients are negotiable, and may vary depending on the nature of the services provided by Adviser. The
Adviser may charge institutional clients fees that range from an annualized fee rate of 0.10% for non-discretionary advisory services where the Adviser
provides limited consultation to another adviser, up to an amount equal to the fees set out above for full service discretionary advisory clients.
Item 12, below, further describes the factors that Adviser considers in selecting or recommending broker-dealers for client transactions and determining
the reasonableness of their compensation (e.g., commissions).
Account Minimums and Types of Clients — Form ADV Part 2A (12/23/2019)
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Item 7 – Types of Clients
The Adviser provides portfolio management services to registered mutual funds and separate account management to institutional clients.