Port Capital LLC

Item 5 Fees and Compensation

SMAs

Fees are calculated quarterly based on the total market value of assets under management, as
determined as of the close of business of each calendar quarter and billed in arrears. In the event of
significant cash flows within an account during a quarter (10% or greater), fees will be adjusted
accordingly. Following is the stated fee schedule:
Equity Portfolios

Asset Level                                             Annual Fee
First $15,000,000                                       1.00%
Assets over $15,000,000                                 0.80%

Fixed Income and Yield-Oriented Portfolios

Asset Level                                             Annual Fee
All Assets                                              0.50%

In certain circumstances, Port Capital may create customized fee schedules and also in certain
circumstances, some Clients may negotiate different fees, billing formats and/or time frames.
Exceptions to the general fee schedule may be made under certain circumstances depending upon the
exact nature of the services to be performed or responsibilities assumed by Port Capital. For example,
Port Capital may negotiate fees where a Client is seeking to invest a substantial amount.
Port Capital will bill its Clients based upon the Client’s preferred billing method. However, in most
cases, Port Capital will generate an invoice quarterly in arrears and submit the invoice to the Client or
the Client’s designated agent for payment. In some cases, Clients may elect to have Port Capital deduct
management fees from their custodial accounts electronically. If that election is made, Port Capital will
deliver an informational copy directly to the Client or their designated agent.
It should be noted that Port Capital’s fees are exclusive of brokerage commissions, transactions fees
and/or other related costs and expenses which may be incurred by the Client. Clients may also incur
charges imposed by custodians, brokers and/or other third parties, such as: custodial fees, transfer
taxes, wire transfer and electronic fund fees. With respect to mutual funds, exchange traded funds and

other collective investment vehicles in Client accounts, Port Capital’s fees are in addition to advisory
fees which may be charged by such mutual funds and collective investment vehicles as per the fund’s
prospectus. Furthermore, it should be noted that Port Capital does not receive any portion of such
charges, fees and/or commissions.
The Advisory Agreement may be canceled at any time, by either party, for any reason upon thirty (30)
days’ written notice to the non-terminating party.

The Funds

With respect to the Funds, Port Capital receives an asset-based management fee calculated as a
percentage of each Investor’s capital account, payable monthly in arrears. The management fee is
typically 0.0792% per month, approximately 0.95% annually. The management fee is debited from
each Investor’s capital account.
The Funds’ organizational costs and expenses, together with offering costs and expenses incurred in
connection with the initial offer and sale of Interests as of the initial closings were borne by Port Capital.
Port Capital will not be reimbursed by the Funds for those costs.
The Funds are responsible for their direct operational costs and expenses, which are expected to consist
primarily of: (i) management fees (discussed above); (ii) costs and expenses incurred by Port Capital in
connection with investigating investment opportunities for the Funds and reviewing the continuing
suitability of the Funds’ investments in light of their investment objectives; (iii) costs and expenses
incurred in connection with the investment and reinvestment of the Funds’ assets, including brokerage
commissions, dealer mark-ups, mark-downs and spreads, and related clearing and settlement charges;
(iv) borrowing charges and other costs and expenses associated with short sales; (v) interest expense
and loan commitment fees relating to the Funds’ borrowings (including margin debt);
(vi) administrative, legal, accounting, auditing, record-keeping, tax form preparation, compliance and
consulting costs and expenses; fees, costs and expenses of third-party service providers that provide
such services; costs and expenses associated with preparing investor communications; and printing and
mailing costs; (vii) governmental licensing, filing and exemption fees; and (viii) any extraordinary
expenses.
Effective February 1, 2021, the Funds will be served by a new third-party fund administrator (the
“Administrator.”) In conducting its diligence of other administrators, Port Capital found that the market
pricing for these services was approximately twice the pricing of the Funds’ current administrator. Port
Capital will continue to allocate the current cost to the Funds and will be absorbing the remaining cost.
This is to ensure that Investors receive a similar expense ratio and that smaller portfolios are not
disproportionately burdened. Port Capital may discontinue the cost split in the future, for example as
portfolios grow enough to support a higher cost.
Port Capital generally requires Fund Investors wishing to withdraw amounts from their capital accounts
thirty (30) days written notice from the last business day of a month.

Item 7 Types of Clients

Port Capital provides advisory services to the following types of Clients:
SMAs:
        High net worth individuals
        Individuals other than high net worth individuals
        Pension and profit-sharing plans
        Charitable organizations
        Corporations or other businesses not listed above
The Funds:
Port Capital intends to restrict the number of Investors in the Funds and will offer Interests only through
non-public transactions in order to maintain their exclusion from “investment company” status under
the Investment Company Act of 1940, as amended (the “Investment Company Act”).

Prospective Investors in the Funds must meet eligibility criteria and are subject to certain withdrawal
requirements and limitations. Prospective Investors are encouraged to thoroughly review a Fund’s
Offering Documents, which set forth all of the terms in detail. Each Investor generally must be an
“accredited investor” (as defined in Regulation D under the Securities Act of 1933) and a “qualified
client” (as defined in Rule 205-3, under the Investment Advisers Act of 1940, as amended (the “Advisers
Act”)). The minimum initial investment is $500,000 subject to waiver at the discretion of Port Capital.