Cornerstone's fees are based on a percentage of assets under management and are negotiable. The fees do not include custodial and transaction costs. Fees are generally payable quarterly, in arrears. An early adopter fee may be available with respect to certain strategies. Cornerstone does not impose a minimum portfolio size or minimum annual fee on Institutional. When serving as the asset manager to clients of other investment professionals, Cornerstone requires a $100,000 minimum portfolio size to engage its asset management services. At the discretion of Cornerstone, the minimum amount to open such accounts may be lowered.