Fund Facts

Valedictory I

• Inception Date: July 31, 2006
• Legal Entity: Limited Liability Company
• Tax Structure: private partnership (pass-through entity) per U.S. tax code
• Reference Currency: United States Dollar
• Accounting Fiscal Period: annual calendar year, ending December 31
• Dividends and capital gains: all income is reinvested, with an annual pro-rata reporting of taxable income and gains to individual shareholders.
• Valuation Point: close of last business day of each calendar month
• Redemption Window: at least 5 business days following the Valuation Point, subject to a minimum 30 days notice of redemption.
• Subscription Window: last 3 business days of each calendar month
• Manager: John Ng, CFA, CAIA
• Management Fees: 0.10% fixed asset-based fee assessed every 3 months plus +/-10% variable performance-based fee (above/ below benchmark) subject to a high-water mark assessed every 3 months, after accumulating a 3-year track record.