Stoneridge Investment Partners LLC

ITEM 5         FEES AND COMPENSATION

Separately Managed Accounts

The fee structure for SRIP investment advisory services to separately managed accounts is
subject to negotiation and may vary from time to time. Fees are negotiable based on a range
of factors, including relationship dynamics and the resources necessary for SRIP to effectively
achieve client objectives and meet client service requirements. Clients are permitted to choose
whether to be billed or to have SRIP deduct the fees directly from their custodial account.

A written advisory agreement entered into with each client describes fee arrangements. Fees
are generally billed quarterly in arrears on the first day of each calendar quarter, based on the
total market value of all assets in the account (including cash) on the last day of the prior

quarter. In most cases, if a cash flow representing more than 10% of the market value of the
account should occur, separate fee calculations will be made for the periods before and after
the large cash flow. Those separate calculations will then be combined to determine the total
amount due for the period. If a new client account commences in the middle of a quarter, fees
will be prorated accordingly. In the event a client terminates its relationship with SRIP prior
to the end of any calendar quarter, the fee will be prorated accordingly. A client may terminate
the investment advisory agreement without penalty or termination charges with thirty (30)
days written notice to SRIP. The fee schedule shown below represents our standard schedule
effective February 13, 2026. Fees for existing clients vary.

Large Cap Constrained Volatility:

First $100,000,000                     0.40 percent
Next $50,000,000                       0.30 percent
Balance                                0.15 percent

High Quality Large Cap:

First $25,000,000                     0.65 percent
Next $25,000,000                      0.60 percent
Balance                               0.55 percent

Dynamic Small Cap Equity:

First $25,000,000                      0.85 percent
Next $25,000,000                       0.75 percent
Balance                                0.65 percent

Sub-advisory Accounts

SRIP has the ability to engage in certain sub-advisory arrangements wherein SRIP may serve
as a sub‐adviser or engage other sub-advisers. Under the terms of a sub‐advisory agreement,
the adviser is responsible to set fees and other terms guiding the client relationship. Where
SRIP engages as the sub-adviser, the Firm does not directly negotiate fees, but does approve
all fee arrangements at the time of account inception. Applicable client assets are managed
under the sub‐advisory agreement to ensure that all terms of client services are equitable. Fees
for sub-advised accounts may vary from accounts not part of sub-advisory arrangements.

Separately Managed and Sub-advisory Accounts - Other Fees and Expenses

Clients may pay other expenses in addition to the advisory fees paid to SRIP. For example,
clients will pay brokerage commissions, SEC fees, and custodial fees. Clients may also pay
odd‐lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and
taxes which are unrelated to the fees paid to SRIP. Exchange traded funds (“ETFs”) also
charge internal management fees. Such charges, fees and commissions are exclusive of and in
addition to SRIP’s advisory fee. Such charges, fees, and commissions do not accrue to SRIP.

Additional details about other fees and expenses related to transactions are found in Item 12

ITEM 7         TYPES OF CLIENTS

SRIP manages institutional assets for public and corporate pension plans as well as Taft
Hartley plans, corporations and other businesses, state and municipal government entities,
insurance companies and foundation clients.

SRIP offers separate account equity management to institutional investors and other
investment advisers. Equity products include: Large Cap Constrained Volatility, High
Quality Large Cap and Dynamic Small Cap Equity.

The effective minimum dollar value of assets necessary to establish an account is
approximately $5,000,000. Exceptions to this minimum may be made in specific instances.

Under sub-advisory arrangements, the investment advisers are responsible for determining
account and fee minimums.