There are fees associated with all types of investing. Milford believes in a pay for performance fee structure to cover Fund administration, research and supervisor costs. We charge a capped management fee. Any management or performance fees charged by underlying fund managers are in addition and are deducted from each Fund. Above this, we charge no additional fees unless we exceed the performance we state we will achieve for any given Fund. In those situations a separate performance fee may be payable to us. There are no entry, exit or switching fees payable to Milford.