Management Fees

Investek Company and/or the Advisor do not receive any commissions or fees from any third party. Management fees are paid from clients' accounts. The clients are charged quarterly management fees based on a percentage of the value of assets under management. Advisory management fees are calculated by multiplying a flat rate by the market value of each separate account at the end of the month prior to the issuance of the invoice. The annual management fee is currently equal to 1% of the assets under management. Advisory fees are charged quarterly to the client's accounts at a 1% annualized rate by the custodian. Investek Company sends advisory fee invoices to the clients, which include the annualized rate, the account value, the fees, and the date charged for each account.