Salient Advisors LP

Item 5      Fees and Compensation

Salient Advisors is compensated for providing investment advisory services to the Fund in the form of
management fees.

The Fund pays Salient Advisors management fees equal to an annual rate of the Fund’s average daily net
assets. For a more detailed discussion of the Fund’s fees and expenses, please refer to the Fund’s
prospectus and SAI.

Salient Advisors does not have a stated minimum client investment amount, but it does not plan to accept
any clients other than investment companies or unregistered investment funds. However, individual
shareholders in the Fund are subject to a minimum investment, which in certain circumstances is subject
to waiver in our discretion.

Further, Salient Advisors retain the discretion to negotiate the fees it receives in respect of shareholders
in funds other than the Fund. Salient Advisors will take into account the particular circumstances in
determining whether to negotiate fees in respect of particular shareholders in such funds. Certain groups
of related investor accounts may be grouped for purposes of achieving minimum account size and

determining the corresponding fund-level fee for such funds, in respect of such shareholders’ investments
in such funds. Discounts not generally available to such funds or their shareholders are offered to family
members and friends of affiliated persons of our firm. Fees are deducted directly from client accounts, as
described in the offering document of the Fund.

                                      GENERAL INFORMATION

Termination of the Advisory Relationship:
Upon termination of an advisory agreement, any prepaid, unearned fees will be promptly refunded. In
calculating a client’s reimbursement of fees, Salient Advisors will pro rate the reimbursement according
to the number of days remaining in the billing period.

Mutual Fund and Investment Fund Fees:
All fees paid to the Salient Advisors for investment advisory services are separate and distinct from the
fees and expenses charged by mutual funds and/or ETFs to their shareholders, or underlying Investment
Fund fees and expenses that the Fund, as an investor in such underlying Investment Funds, must bear.
These fees and expenses are described in each Investment Fund's prospectus or offering document, and
are also described generally in the Fund’s prospectus or offering document. These fees will generally
include a management fee, other fund expenses, a possible distribution fee, and/or an initial or deferred
sales charge and/or servicing fees.

Additional Fees and Expenses:
Salient Advisors fees do not include the fees and expenses charged by custodians and imposed by broker
dealers, including, but not limited to, any transaction charges imposed by a broker dealer. Please refer to
the "Brokerage Practices" section (Item 12) of this Form ADV for additional information.

Compensation for Services Provided by Registered Representatives of Salient Capital, L.P.: Certain
affiliated persons of the Salient Advisors are licensed as registered representatives of Salient Capital. See
Item 10 for additional disclosure regarding such arrangements and the conflicts of interest they pose.

Advisory Fees in General:
Clients should note that similar advisory services may (or may not) be available from other registered (or
unregistered) investment advisers for similar or lower fees.

Limited Prepayment of Fees:
The Adviser does not require payment of fees in excess of $1200 more than six months in advance of
services rendered.

Item 7       Types of Clients

Salient Advisors provides advisory services to a registered investment company. See Item 5 for a
discussion of minimum investment amounts applicable to shareholders in the Fund.