SRH Advisors LLC

Item 5     Fees and Compensation
INVESTMENT SUPERVISORY SERVICES - INDIVIDUAL PORTFOLIO MANAGEMENT FEES. Our
annual fees for investment supervisory services generally are based on a percentage of assets under management and
range from 0.00% to 2.00%. From time to time, the Adviser may enter into an agreement to provide investment
supervisory services on a flat-fee basis. Our fees are billed quarterly, in arrears, at the end of each calendar quarter
based upon the average daily account balance value (market value or fair market value in the absence of market value)
of the client's account throughout the billing period. Advisory fees will be debited from client accounts in accordance
with the authorization set forth in the applicable investment advisory agreement with the client (the “Advisory
Agreement”). The Adviser does not require a minimum for investment supervisory services.
NEGOTIABILITY OF ADVISORY FEES. The Adviser retains the discretion to negotiate alternative fees and fee
arrangements (including flat-fee and no-fee arrangements), or waive fees entirely, on a client-by-client basis. Client
facts, circumstances and needs are considered in determining fee arrangements. These include the complexity of the
client, assets to be placed under management, anticipated future additional assets, the existence of related accounts,
portfolio style, account composition, and reports, among other factors. The specific annual fee arrangement will be
identified in each client’s Advisory Agreement. From time to time, the Adviser may apply credits to client accounts
for certain trading, custodial or other expenses associated with managing the account. As a result, similarly situated
clients could pay different investment advisory fees.
FINANCIAL PLANNING FEES. The Adviser’s financial planning fee is determined based on the nature of the
services being provided and the complexity of each client’s circumstances. All fees are agreed upon prior to entering
into a contract with any client. Our financial planning is provided on a flat-fee basis or charged on an hourly basis at
rates ranging from $100 to $250 per hour. Although the length of time it will take to provide a financial plan will
depend on each client's personal situation, we will provide an estimate for the total number of hours at the start of the
relationship. Clients are billed for financial planning services quarterly in arrears based on actual hours accrued.
REGISTERED INVESTMENT COMPANY FEES. The Adviser is a sub-adviser to registered funds and receives
compensation for the investment management services provided to other registered investment advisers. There is no
standard fee schedule for services provided. The services and fees with respect to such clients are negotiated on an
individual basis. Generally, fees are calculated as a percentage of the fund’s assets, accrued daily and paid monthly.
Each sub-advisory agreement will describe how the fees, other expenses that the client agrees to pay, and the method
and timing for making advisory fee payments.
The Adviser charges an asset-based fee for investment sub-advisory services performed on behalf of the Funds. The
fee arrangements, termination and other pertinent terms are described in the respective investment sub-advisory
agreement. The form of agreement is publicly available on the SEC’s EDGAR website. For STEW, the fund’s
investment adviser pays the Adviser a sub-advisory fee, payable monthly, at an annual rate equal to 0.77% of STEW’s
average monthly total net assets plus leverage, if any, on the first $2 billion in managed assets and 0.68% of STEW’s
average monthly total net assets plus leverage, if any, on managed assets over $2 billion. For SRHR, the fund’s
investment adviser pays the Adviser a sub-advisory fee, equal to 50% of the adviser’s fee profit after fund expenses
until a breakpoint is met, after which the Adviser will receive 80% of the adviser’s fee profit. It is the Adviser’s policy
to waive its advisory fees that otherwise would be charged with respect to private client assets invested in the Funds.

REPORTING FEES. Due to the implementation of a new reporting software in 2022, the Adviser updated its
policies regarding reporting on client assets. The Adviser does not charge a separate reporting fee for client accounts
that pay in excess of $500 annually in investment advisory fees. For client accounts paying less than $500 annually
in investment advisory fees, the Adviser can also provide, for a separate fee, account reporting services on managed
assets. For these client accounts, an additional reporting fee in the amount of $150 annually will apply, which fee
may be adjusted from time to time to reflect costs of providing such services, provided that the annual fee will not
exceed $250 without the consent of the client. To the extent applicable, the additional reporting fee will be disclosed
to client prior to payment. The Adviser reserves the right to reduce or waive such reporting fees in whole or in part in
the Adviser’s sole discretion.
THE SRH US QUALITY GARP INDEX. The Adviser maintains the SRH US Quality GARP Index. The Index is
the basis for an ETF which is managed by the ETF Provider. The Adviser receives a quarterly, asset-based licensing
fee from the ETF Provider for the right to use the Index data in its product.

GENERAL INFORMATION
Termination of the Advisory Relationship: In regard to private client relationships, an Advisory Agreement may be
canceled at any time, by either party, for any reason upon delivery of thirty (30) days’ advance written notice. Upon
termination of any account, prepaid, unearned fees, if any, will be promptly refunded. In calculating a client’s
reimbursement of fees, the Adviser will prorate the reimbursement according to the number of days remaining in the
billing period.
Mutual Fund Fees: All fees paid to the Adviser for investment sub-advisory services are separate and distinct from
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Item 7    Types of Clients
The Adviser provides advisory or sub-advisory services to the following types of clients:

    • Individuals (other than high net worth individuals)
    • High net worth individuals
    • Trusts and family offices
    • Investment companies (including mutual funds and ETFs)
    • Separately managed accounts
    • Pension and profit-sharing plans (other than plan participants)
    • Other pooled investment vehicles (e.g., hedge funds, common trust funds, etc.)
    • Charitable organizations
    • Corporations or other businesses not listed above
The Adviser does not impose a minimum dollar value of assets or quotas on its Advisory Representatives. However,
individual investment advisory representatives may decline to provide services to clients whose assets are less than a
certain value, or whose account value falls below certain limits, both at the discretion of the Advisory Representative.