The Horizon Program charges a negotiated annual flat fee, not to exceed 1.75%, billed quarterly in advance. This fee does not cover investment management fees charged by the Alternative Investment Funds and Structured Products themselves, brokerage commissions, or other third-party charges. The program fee cannot be deducted directly from the Horizon account so the Client will designate on the Client Agreement another separate account custodied at HTS to debit the Program Fee directly from. There are additional HTS Administration fees associated with Alternative Investment Funds and the fee schedule of these fees is detailed on the Disclosure and Acknowledgement form the Client will complete.