Tag Associates LLC

Item 5 - Fees and Compensation

 TAG offers its clients two sets of services and fee arrangements: (1) Comprehensive Wealth
 Management services, and (2) Portfolio Management services. Fees may vary from the stated fee
 schedule and are subject to negotiation.

 TAG is objective in its recommendations regarding the selection and retention of investment
 managers and other professionals when choosing investment products and developing strategies
 for our clients.

 TAG does not accept any direct or indirect payments from other professionals it may hire on
 behalf of its clients. Clients will, however, pay investment advisory fees to investment managers
 in addition to fees payable to TAG for non-affiliated fund investments, as well as any customary
 brokerage and related fees.

 Separate management and performance-based fees are charged to investors who are not clients
 of the Adviser who invest in some of the funds of funds it manages. Additional information on
 these TAG Funds is available in Item 4.

 TAG charges an annual retainer for its Comprehensive Wealth Management services under
 which the client is provided with portfolio management, tax and/or financial advisory services.
 The fee for tax and for advisory services is based upon an analysis of the volume and complexity
 of the client's financial affairs. Comprehensive Wealth Management clients may also pay a fee
 that is based on a percentage of assets under management for portfolio management services. In
 some cases a fixed fee is negotiated for all services. TAG’s stated minimum fee for
 Comprehensive Wealth Management services is $150,000 per year. The specific manner in
 which fees are charged is established in each client’s written agreement with TAG.

 The annual portfolio management fee for stand-alone Portfolio Management clients is based on
 a percentage of assets under management. This fee is applied to currently investable assets only.
 The stated fee schedule, when calculated based on assets under management, is as follows:

         Assets under Management                                        Annual Fee

         First $10 Million                                              1.00%
         Next $10 Million                                               0.75%
         Assets above $20 Million                                       0.50%

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 Payment of TAG’s fees can be made directly by the client or can be deducted from the client’s
 account(s), if any, holding the client’s securities and funds. Fees deducted from an account are
 paid directly to TAG by the qualified custodian of the client’s account(s). When fees are
 deducted from an account, TAG will send the client a fee billing notice at approximately the
 same time that TAG sends the fee-debit instructions to the qualified custodian. The fee billing
 notice will reflect the specific manner in which the fee was calculated. The actual fee debited
 from an account will appear on the client’s account statements sent to the client directly from
 the qualified custodian. Clients should review the account statements received directly from the
 qualified custodian and verify that the appropriate investment advisory fees are being deducted.
 The qualified custodians of the account(s) do not verify the accuracy of TAG’s fees deducted
 from an account. Fees and payment terms for special projects are negotiated separately.

 This management fee is payable quarterly during the quarter in which the fees are incurred. (For
 example, the bill sent to a client on February 15 relates to the quarter beginning January 1 and
 ending March 31.) The fee is based on the net asset value of the assets being managed on the
 closing of the last day of the preceding quarter (for example, the fee on February 15 is based on
 the net asset values on December 31 of the preceding quarter). Billings for partial quarters, in a
 start-up mode or in a termination mode are pro-rated based on the number of days during which
 the services are rendered. Under the Portfolio Management Agreement, the Adviser does not
 receive any other fees or payments, either from the client or any third party, in connection with
 providing such services.

 Other Fees & Expenses. Brokerage expenses and/or transaction fees charged by the qualified
 custodian are billed directly to the client by the qualified custodian. TAG does not receive any
 portion of such fees from you or the qualified custodian. In addition, you will incur certain
 charges imposed by third parties other than TAG in connection with investments made through
 your account including, but not limited to, mutual fund sales loads, 12b-1 fees and surrender
 charges, variable annuity fees and surrender charges, IRA and qualified retirement plan fees,
 and other charges imposed by the qualified custodian(s) of your account. Management fees
 charged by TAG are separate and distinct from the fees and expenses charged by investment
 company securities that may be recommended to you. A description of these fees and expenses
 is available in each investment company security’s prospectus. We do not receive any portion
 of such fees and expenses. Refer to Item 12 for more information about our brokerage
 arrangements.

 Non-Client Investors in TAG Managed Funds of Funds

 Separately, TAG and TAG Portfolio Management Group charge investors who are not clients of
 the Adviser management and performance-based fees on some of the funds of funds it manages.
 These TAG Funds are identified in Item 4. Investors that are not clients of TAG Associates with
 investments in TAG Diversified Strategies Fund and the TAG Relative Value Funds pay
 management fees quarterly in advance, unless other fee arrangements have been made. Investors
 that are not clients of the Advisor in the TAG Distressed Debt Funds, TAG Yield Opportunities
 Fund, TAG Dislocation & Recovery Fund Series of TAG Series Fund, TAG Blockchain
...

Item 7 - Types of Clients

 TAG Associates LLC provides investment management services and other financial advice and
 services primarily to high-net-worth individuals. TAG also provides such services to trusts,
 estates, endowments, foundations, and other business entities of such high-net-worth individuals.
 TAG identifies such client-family entities together with high-net-worth individuals when defining
 types of clients on its ADV Part 1. In essence, TAG views individual families and their associated
 entities as single clients when offering its multi-family wealth management services.

 TAG also provides investment advice to a pension plan and a 401k plan.

 Clients of TAG must be Qualified Clients - defined as an individual with at least $1.4 million in
 assets under management with TAG immediately after entering into an investment advisory
 contract with TAG or an individual with a net worth of $2.7 million or more, either individually
 or jointly with a spouse, not including the value of their primary residence.

 Generally, the minimum investment amount for opening accounts by new clients is $10 million.
 The Adviser does not require that clients retain a minimum account size.

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