Stoneridge PMG Advisors LLC

ITEM 5 FEES AND COMPENSATION

Separately Managed Accounts

The fee structure for SRPMGA 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 SRPMGA to effectively achieve client objectives and meet client service
requirements. Clients are permitted to choose whether to be billed or to have SRPMGA
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 SRPMGA 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
SRPMGA. The fee schedule shown below represents our standard schedule effective
July 1, 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

      Cash Management Solutions:
            First $25,000,000 — 0.25 percent
            Next $25,000,000 — 0.20 percent
            Balance — 0.15 percent

       Limited Maturity 2 (LM2):
              First $25,000,000 — 0.25 percent
              Next $25,000,000 — 0.20 percent
              Balance — 0.15 percent

       Tax Efficient (TE3):
              First $25,000,000 — 0.25 percent
              Next $25,000,000 — 0.20 percent
              Balance — 0.15 percent

       Core-Government/Credit Fixed Income:
             First $10,000,000 — 0.375 percent
             Next $25,000,000 — 0.325 percent
             Next $50,000,000 — 0.300 percent

Sub-advisory Accounts

SRPMGA has the ability to engage in certain sub-advisory arrangements wherein
SRPMGA 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 SRPMGA 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.

Please see Item 10 for more information about our sub-advisory services.

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

Clients may pay other expenses in addition to the advisory fees paid to SRPMGA. 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 SRPMGA. Exchange
traded funds (“ETFs”) also charge internal management fees. Such charges, fees and
commissions are exclusive of and in addition to SRPMGA’s advisory fee. Such charges,
fees, and commissions do not accrue to SRPMGA.

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

ITEM 7 TYPES OF CLIENTS

SRPMGA provides equity and fixed income asset management services to a broad
range of institutions, investment advisers and wealth managers, including public and
corporate pension plans, profit-sharing plans, Taft-Hartley plans, corporations and other
businesses, state and municipal government entities, insurance companies, charitable
institutions, hospitals, and endowments/foundations.

SRPMGA offers separate account equity and fixed income management to institutional
investors and other investment advisers. Equity products include: Large Cap
Constrained Volatility, High Quality Large Cap and Dynamic Small Cap Equity. Fixed
income products include customized Cash Management Solutions as well the following
portfolio management strategies: Limited Maturity, Tax Efficient and Core-
Government/Credit Fixed Income.

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.