Regan Capital LLC

Item 5 – Fees and Compensation
Our Compensation
The Adviser does not have a general fee schedule. The fees and expenses associated with an
investment in the Funds vary, depending on the Fund. Each Fund’s offering documents describe the
terms for fees and expenses. The Adviser may, in its discretion, manage other funds or accounts with
higher or lower fee arrangements, different fee structures and different expense payment
arrangements than those of the Funds. The Adviser deducts an annual management fee (the
“Management Fee”), which generally ranges from one percent (1%) to one and one-half percent

 Regan Capital, LLC

(1.5%) of the net asset value of each investor’s interest in such Funds. The Adviser may reduce or
eliminate the Management Fee applicable to any investor in its sole discretion. The Credit
Opportunities Funds generally pay the Management Fee at the feeder funds level quarterly in
advance. The Special Opportunities Fund pays the Management Fee quarterly in advance on
unreturned capital contributions. Co-investment vehicles may pay fees on a different schedule, i.e.,
monthly.
The SMA Client pays the Adviser a Management Fee, the amount of which is negotiable and invoiced
by the Adviser.
Additionally, with respect to the Credit Opportunities Funds, one or more affiliates of the Adviser
will generally receive an annual performance-based allocation (the “Performance Allocation”) of
twenty percent (20%) of each investor’s allocable share of net profits for the fiscal year of each Fund.
In each case, the Performance Allocation is subject to a high-water mark. The Performance
Allocation may be waived or reduced by the Adviser in its sole discretion. Investors in the Special
Opportunities Fund will also be subject to a performance-based fee (the “Carried Interest”) of fifteen
percent (15%) on distributable realized profits. Details of the Carried Interest distributions are set
out in the Special Opportunities Fund’s Limited Partnership Agreements.
The Adviser or one or more of its affiliates will generally receive a performance-based fee from
SMAs. The terms and calculation for these performance-based fees can vary depending upon the
agreement in place with each account owner.
Fees are negotiable and the Adviser has discretion to waive or otherwise modify fees with respect to
any investor, including affiliates of the Adviser.
As described above, Management Fees are based on the net asset value of each Fund and SMA and
performance-based fees, including the Performance Allocation, are based on the increase in the net
asset value of our Clients’ accounts, including unrealized gains on securities held in those accounts.
These valuations are in turn based on the valuation of the securities held in those accounts, which
will include over the counter securities which are difficult to value. The Adviser is responsible for
determining the value of each security in the Funds. We may have an incentive to value these
securities at a higher price than could be achieved in the market to increase our fees. To manage and
mitigate this conflict of interest, the Adviser follows a valuation policy that we feel is fair and
equitable to our Clients and the investors in our Funds. Our valuation policy is available to our
Clients and investors upon request.
The Adviser is paid a management fee of .85% for advising the Mutual Fund, and between .40% -
.75% for advising the ETFs.
How we collect fees
The Management Fee is payable by the Funds in accordance with the terms of each Fund’s governing
documents. The Performance Allocation is credited to the capital account of the Fund’s General
Partner and one or more other affiliates of the Adviser as of the close of each performance period.
For the majority of the SMAs, the Management Fees are generally invoiced and paid in advance. If
there is an early termination of a management agreement, any Management Fees collected in
advance will be returned subject to the provisions of each SMAs advisory agreements. For certain
accounts, the Management Fee is paid in arrears. In both cases, the Adviser will send the SMA Client
an invoice with the Adviser’s calculation of the Management Fee for the Client’s review and payment.
For SMAs that are charged a performance-based fee, the fee will be deducted from the account after
obtaining the Client’s approval and instruction, then subsequently paid to the Adviser as of the close
of each performance period.
The net asset values (“NAVs”) of the Mutual Fund and ETFs are calculated daily and include all fees

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and expenses.
Other fees or expenses
Generally, the Funds will bear all Fund expenses as defined in each Fund’s private placement
memorandum. Funds bear the expenses of the organization of the Fund and the offering of interests
(including legal and accounting fees, printing costs, travel, “blue sky” filing fees and expenses and
out-of-pocket expenses). The Funds also bears all out-of-pocket costs of their investments,
operation, including accounting, audit, fund administration, tax, legal and certain regulatory
expenses, costs of any litigation or investigation involving the Fund’s activities, technology and costs
associated with reporting and providing information to existing and prospective investors of the
Fund. In limited circumstances, the General Partner of a Fund may, in its sole discretion, choose to
absorb certain expenses incurred on behalf of a Fund.
The Adviser will allocate direct expenses of the Funds that are incurred on behalf of multiple Funds
fairly among the applicable Funds, in accordance with expense allocation policies established by the
Adviser. We believe these allocation policies to be fair and equitable; however, other reasonable
options may exist that may yield different results.
For a more complete discussion of each Fund’s fees and expenses, please refer to each Fund’s private
placement memorandum and Limited Partnership Agreement.
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Item 7 – Types of Clients
The Adviser provides portfolio management services primarily for the Funds, high net worth
individuals and institutions through SMAs, and retail investors in the Mutual Fund and the ETFs.
The minimum initial investment required to invest in the Funds varies with $1,000,000 required
for the Credit Opportunities Funds and $250,000 for the Special Opportunities Fund, though lesser
amounts may be accepted at the sole discretion of the Fund’s General Partner. Each underlying
investor or Client will only be charged a performance allocation if a “qualified client” under the
definition in Rule 205-3 of the Investment Advisers Act of 1940. Generally speaking, qualified clients
include 1) a person or company with at least $1,100,000 under management with the Adviser; 2) a
person or company with a net worth of $2,200,000, excluding the person’s residence, or an investor
that is a qualified purchaser as defined in Section 2(a)(51)(A) of the Investment Company Act of
1940 (“Qualified Purchaser”); and 3) certain key employees of the Adviser.
Funds are only open to investors who qualify as Qualified Purchasers.
The Adviser currently requires a minimum of $20 million to open an SMA, though lesser amounts
may be accepted at the sole discretion of the Adviser.
Mutual Fund investors have a minimum initial investment of $1,000 if in the investor class and
$100,000 if in the institutional class.