b'01AttributesStructure & Registration FeesRegistered under the Investment Company Act ofBase management fees: Generally 12% of assets.1940, as amended (the 1940 Act); shares typicallyClosed-End Funds (general): Typically 11.5%listed on an exchange. of net assets.Time to MarketInterval Funds: Usually ~2% of net assets.Six months (possibly longer if application forTender Offer Funds: Typically 11.5%, with totalco-investment relief is required). expenses around 22.5%. BDCs: 12% of gross or net assets.Liquidity Incentive fees: 1220% of income and/or gains No daily redemptions depending on structure. Shares trade on exchange or OTCClosed-End Funds: Base management fee plusincentive fees on income only. Interval/tender variants offer periodic liquidityBDCs: Base management fee plus incentive fees on realized capital gains and income above Eligible Investors a fixed hurdle. Public closed-end funds: Open to all investorsInterval Funds: Base management fee (generallythrough brokerage accounts. ~2% annually) plus incentive fees based on income, typically 12.515%. Interval and tender offer funds: Available to retailTender Offer Funds: Base management fee (11.5%,investors, though often with minimums. with total expenses around 22.5%) plus incentive feesPrivate BDCs: Limited to institutions, accredited, on realized capital gains and income (if structured as a or qualified purchasers. closed-end fund, then only on income).Other fees: Redemption or distribution fees up toAsset Fit 2%; broker-sold products subject to FINRA limits. Private credit/longer durationPrivate BDC,interval fund. Illiquid real estate assetsTender offer fund,closed-end fund. High-yield/frequently traded assetsPublic BDC,listed closed-end fund. Institutional niche strategiesPrivate BDC.Mayer Brown|Closed-End Funds 9'