Item 5 Fees and Compensation
Red Cedar charges clients a fee based on a percentage of the aggregate market value of a client’s
account(s). The standard fee schedules for institutional clients are expected to range from 0.30%
to 0.60% annually.
Fees are negotiable in Red Cedar’s sole discretion based on certain factors including, but not
limited to type of client, size of the account and/or relationship and special service requests by
the client. Investment advisory services provided to Red Cedar affiliates are provided at a
discount to the standard fee schedule. Red Cedar maintains investment, trade allocation and
account valuation policies and procedures reasonably designed to prevent these accounts from
receiving favorable treatment, other than with respect to fees. Please see the related conflicts of
interest discussion in Item 10 below.
General
Fees are generally payable quarterly in arrears. Fees paid in arrears are calculated based on the
Red Cedar Investment Management, LLC
Form ADV Part 2A
March 31, 2026
average daily market value of the client’s assets under management during the previous quarter.
A client or Red Cedar may terminate the advisory relationship with 30 days written notice. If
the advisory relationship is terminated by either Red Cedar or the client, the advisory fee will be
prorated based on the time during the quarter the account was open and any prepaid advisory
fee related to the portion of the quarter the account is closed will be refunded. Clients should
contact Red Cedar at the phone number indicated on the cover page if they have questions
about how to obtain such a refund. Some clients may pay on a different fee schedule as agreed
upon by that client and Red Cedar and specified in the client’s investment advisory agreement.
Red Cedar is paid directly or Red Cedar deducts fees directly from client accounts based on the
client’s written direction. Red Cedar prefers to deduct fees directly from the client accounts, but
clients may choose either method. In all cases, clients receive an original invoice quarterly.
Clients also separately incur custody, brokerage, and transaction costs. Please see Item 12 for
information on Red Cedar’s brokerage practices. To the extent account assets are invested in
ETFs and/or mutual funds, the client’s account will pay two levels of advisory fees on those
assets – Red Cedar’s direct advisory fee and the account asset’s share of the advisory fees
assessed to all shareholders of such funds. The account will also separately pay its share of all
other fees and expenses of such funds. Red Cedar does not receive any of the aforementioned
costs from any mutual fund or ETF it utilizes in client accounts.
Red Cedar maintains investment, trade allocation and account valuation policies and procedures
designed to address potential conflicts of interest related to the fact that clients pay varying fee
schedules.
In cases where Red Cedar allocates a portion of a client’s account to a third-party manager
pursuant to a sub-advisory agreement, the third-party manager’s fees are generally exclusive of,
and in addition to, Red Cedar’s investment advisory fee set forth above. Third party managers
generally deduct their advisory fees directly from a client’s account and likely impose varying
billing practices from those disclosed above.
Investment Companies
Red Cedar advises or sub-advises open-end investment companies (each, a “Mutual Fund”, or,
collectively, the “Mutual Funds”) and the Mutual Funds compensate Red Cedar for the
provision of services in accordance with investment advisory agreements or investment sub-
advisory agreements, as applicable, approved by the Board of Trustees of each Mutual Fund.
Advisory fees are calculated separately for each Mutual Fund at a specified annual percentage
of the Mutual Fund’s average daily net assets. Red Cedar may affect fee waivers or assumption
of expenses by entering into voluntary or contractual agreements. Voluntary fee waivers or
commitments to reimburse expenses may be rescinded at any time without further notice to
investors. Each waiver or reimbursement of an expense by Red Cedar is subject to repayment
by the Mutual Fund within the three fiscal years following the fiscal year in which the particular
expense was incurred, provided that the Mutual Fund is able to make the repayment without
exceeding contractual agreements.
Please refer to the Prospectus or Statement of Additional Information (“SAI”) of the Mutual
Fund for a more detailed description of all Mutual Fund fees.
Red Cedar Investment Management, LLC
Form ADV Part 2A
March 31, 2026
Portfolio management clients of Red Cedar who also invest in the Mutual Funds will pay only
those fees charged to investors by the mutual fund, i.e., the value of the client’s investment in
the mutual fund is excluded from our quarterly portfolio management fee calculation.
Private Funds
Red Cedar advises the Red Cedar Strategic Income SRI, LP (the “Private Fund”). The Private
Fund compensates Red Cedar for the provision of services in accordance with an investment
advisory agreement. Management fees are calculated based on a specified annual percentage of
each limited partner’s share of the net asset value of the Private Fund. The general partner of the
Private Fund, in its sole discretion, may waive or reduce the management fee with respect to one
or more limited partners for any period of time or agree to apply a different management fee for
that limited partner. Red Cedar may affect fee waivers or assumption of expenses by entering
into voluntary or contractual agreements.
Account Valuation Practices
Red Cedar uses account market values to calculate investment performance and client fees, so it
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