Shepherd Kaplan LLC

Item 5: Fees and Compensation
SK’s compensation is derived from a percentage of revenues collected for investment advisory services
provided to SKK clients. As described in SKK’s Form ADV, clients receiving investment advisory and/or
sub-advisory services related to direct Qualified Small Business investments discussed in Item 4, which are
not made within the asset management structures established by SKK, will pay fees of approximately 175
Basis Points (1.75%) charged on assets committed to such an investment strategy. In some cases, this fee
is charged in addition to asset management fees related to investments affiliated with SKK, in circumstances
where the client is advised of the additional fee and agrees in advance to its application. With respect to
advice concerning Qualified Small Business investments, SKK also reserves the right to charge fixed
upfront fees to cover due diligence, research, or analytical work in some situations, such as when SKK is
asked to perform extensive work reviewing potential investments for such a Qualified Small Business
investment strategy. Notwithstanding any of the foregoing, SKK clients are never charged duplicative fees
by SKK and SK for SK’s sub-advisory services.
Any SKK wealth management client who decides to invest in one or more of SKK’s private fund offerings
or certain other investments in which SKK or its affiliates have a financial interest, and that have been
brought to their attention by SKK will generally receive some discount or waiver of the wealth management
fee and/or fund management fee on the same asset as long as they remain SKK clients. The potential for
SK and/or SKK and their related parties to benefit from investments made in those funds, presents a
potential conflict in selecting such investments to recommend to clients. SK and SKK believe that these
conflicts are mitigated by their investment processes, fee adjustments and disclosures. SKK will provide
disclosures regarding potential conflicts to any clients to which it recommends such opportunities to invest
in its fund offerings and otherwise as necessary, in addition to the disclosures provided in this brochure.
Please refer to SKK’s Form ADV Part 2A for their customary fee structure, how they deal with potential
conflicts of interest, and other information.

Non-SK Fees
Clients are subject to fees charged by others such as custodians, broker-dealers and/or investment managers.

                    Form ADV Part 2A – Shepherd Kaplan LLC™ 2026

Fees include, without limitation, custodial fees, brokerage commissions or other fees or charges associated
with securities transactions, mark-ups or mark-downs in principal transactions, deferred sales charges, wire
transfer or related processing fees or other charges mandated by law or regulation. In some cases, clients
may also engage, and be charged fees by, outside tax or legal experts to assist with tax planning, legal
structuring, negotiating a particular transaction, or other services not provided by SKK.
Expenses of investment funds, including mutual funds and exchange traded funds, in which client assets
are invested, impose separate investment management fees and other operating expenses, described in the
fund’s prospectus, for which the investor will be charged separately from the fee paid for advisory services.
Clients with investments in private funds (including those offered by SKK) will normally be subject to
management fees and other expenses of the private fund. The manager, general partner, or investment
manager in some cases also receive, if agreed, a performance allocation which is based on a fund’s net
profits or distributions.
Where an investor interested in a private investment fund sponsored by SKK is introduced to the private
investment fund by a broker-dealer, placement agent, or other outside service provider, the general partner
or manager of such private investment fund may have the option, in some cases, to deduct a percentage of
the amount invested by such investor in certain situations to pay sales fees or charges, on a fully disclosed
basis, to such broker-dealer, placement agent or outside service provider based upon the capital contribution
of such investor, where consistent with applicable law. Unless otherwise negotiated, such fees would (i)
be assessed against the referred investor, (ii) not be a capital contribution of the investor, and (iii) reduce
the amount actually invested by such investor in the private investment fund. Such assumption of expenses
by investors benefits SKK by increasing assets under SKK management. See Item 14 below, Client
Referrals and Other Compensation.
Please see Item 12 for additional information regarding brokerage arrangements.

Item 7: Types of Clients
SK, as sub-adviser to SKK, provides investment advisory services to the following types of clients:
Institutional Clients
Institutional clients include publicly traded companies, major corporations, and institutions. Client account
structures include defined contribution plans, defined benefit plans, and other corporate funds.
SKK does not require a minimum account size for institutional clients.
Private Clients
Private clients include ultra-high-net-worth individuals, families, trusts, and family offices.
SKK generally requires a minimum total account size of $20,000,000 for new private clients, although such
minimum may be waived based on particular circumstances on a case-by-case basis. See Item 5 of SKK’s
Form ADV Part 2A.
Endowment & Foundation Clients
Endowment & Foundation clients include educational institutions, donor advised funds, and family, private
and community foundations.

                    Form ADV Part 2A – Shepherd Kaplan LLC™ 2026

SKK does not require a minimum account size for E&O clients.