Recurrent Investment Advisors LLC

Item 5 Fees and Compensation
In consideration for Recurrent’s advisory and other services, Recurrent generally is entitled to receive
management fees, with respect to certain Clients. While the fees and compensation applicable to each
Client are described in detail in the applicable governing documents and/or fee agreements, an overview of
Recurrent’s basic fee schedule is summarized below. A potential investor should read and review all
governing documents in their entirety before making any investment decisions.

Advisory Services Compensation

Recurrent’s fees generally depend on the services being provided and vary from product to product based
on a variety of factors, including but not limited to, the investment mandate or strategy, investment vehicle,
degree of servicing required, account/relationship size, market-place conditions, and other factors Recurrent
deems relevant. For investment management services, fees typically are expressed as a percentage of the
net assets under management. To the extent permitted under the Advisers Act, or the applicable provisions
of the 1940 Act, in the case of investment companies registered under the 1940 Act, Recurrent may
negotiate and charge asset-based fees.

Recurrent’s investment management fees are typically calculated as a percentage of the market value of a
Client’s assets under management in accordance with its contractual agreements. Fee breakpoints may be
available for certain strategies and product types. Recurrent’s standard fee schedules, which are subject to
change and may be negotiated, are described below under “Fee Schedules”. Existing Clients may have
different fee arrangements from those described in under Fee Schedules. To the extent Recurrent engages
a sub-adviser, it will pay the sub-adviser a portion of the management fee that Clients pay to Recurrent.
Recurrent’s Clients do not pay any fees, commissions, or expenses directly to sub-advisers.

Recurrent may, in its sole discretion, charge lower management fees or waive account minimums based on
certain criteria including product type, investment strategy, client type, client domicile, services provided,
the client’s historical relationship with Recurrent, number of related investment accounts, account
composition or size, anticipated future earning capacity, current and anticipated future assets under
management, marketplace considerations, early adoption of an investment strategy or investment in a
particular vehicle, client’s operational or investment limitations or restrictions, level of client servicing
required, and other factors Recurrent deems relevant. Recurrent, in its sole discretion, may also waive or
charge lower management fees and waive account minimums for employees, including portfolio managers,
affiliates, or relatives of such persons. Assets from related accounts in similar investment vehicles may be
aggregated for fee calculation purposes according to Recurrent’s policies and procedures.

Recurrent may be limited in its ability to negotiate fees due, in part, to existing Client contracts, which
require equivalent pricing. Under the terms of these agreements, Recurrent is generally required to charge
the same fee schedule to similarly-situated Clients. Generally, Recurrent considers Clients to be similarly-
situated if they are domiciled in the same country, are in the same investment vehicle managed as a
component of the same investment composite, are of the same client type, require a similar level of client
servicing, and have a similar account size, among other factors Recurrent deems relevant.

To the extent fees are negotiable, certain Clients may pay more or less than other Clients for the same
management services. In cases where a consulting or referral arrangements are in place in which broker-

dealers, investment advisers, trust companies, and other providers of financial services typically provide
Clients with services that complement or supplement Recurrent’s services, Recurrent may charge lower
management fees for accounts managed.

In addition to Recurrent’s investment management fee, Clients may incur operating and transaction fees,
costs and expenses associated with maintaining their accounts imposed by custodians, brokers, futures
commission merchants, prime brokers, and other third-parties. Examples of these charges include but are
not limited to custodial fees, margin, deferred sales charges, “mark-ups” and “mark-downs” on trades, odd-
lot differentials, transfer taxes, handling charges, exchange fees (including foreign currency exchange fees),
interest to cover short positions, wire transfer fees, electronic fund fees, conversion fees for American
Depository Receipts (“ADRs”), and other fees and taxes on brokerage accounts and securities transactions.
Recurrent does not receive any portion of these commissions, fees, or costs. See, however, Item 12 –
Brokerage Practices of this Brochure for more information about soft-dollars. See also Item 12 – Brokerage
Practices of this Brochure for more information about conversion fees for ADRs. To the extent Recurrent
should acts as a sub-adviser, Recurrent will receive a portion of the management fee the end Clients pay to
the adviser; these Clients do not pay any fees, commissions, or expenses directly to Recurrent.

Recurrent generally invoices Clients on a monthly, quarterly, or semi-annual basis in arrears for its
investment management fees. In any partial billing period, Recurrent pro-rates fees based on the number
of days an account is open. If a Client requests that Recurrent automatically deduct management fees from
its accounts, Recurrent will bill the Client’s custodian directly in accordance with Rule 206(4)-2 (the
“Custody Rule”) under the Advisers Act. Recurrent may invest Separate Account assets in unaffiliated
pooled investment vehicles that charge fees described in the pooled investment vehicles’ governing
...

Item 7 Types of Clients
As discussed in Item 4 – Advisory Business of this Brochure, Recurrent may provide investment
management services, as an investment adviser (or sub-adviser), to investment companies registered under
the 1940 Act and to high net worth individuals, corporations, and other pooled investment vehicles through
separately managed accounts on a discretionary basis. Recurrent’s Clients may include, but are not limited
to: financial institutions, registered investment companies, pension funds and other retirement accounts,
corporations, banks and thrift institutions, and other institutional type accounts.

Minimums

Recurrent does not impose a minimum account size or minimum fee as a condition for starting and
maintaining a relationship; provided, however, the Fund does have a minimum investment amount. A
Client’s custodian, however, may separately require a minimum account size.

Please refer to the Fund’s prospectus for account minimums.