over Page 1 Item 2. Material Changes 1 Item 3. Table of Contents 2 Item 4. Advisory Business 3 Item 5. Fees and Compensation 5 Item 6. Performance-Based Fees and Side-By-Side Management 11 Item 7. Types of Clients 11 Item 8. Methods of Analysis, Investment Strategies and Risk of Loss 11 Item 9. Di

s and expenses may be paid, however, by securities brokerage firms that execute clients' securities trades, as discussed in Item 12 below. Item 6. Performance-Based Fees and Side-By-Side Management All of the funds that Alkeon manages (except the Alkeon Select Funds) pay performance-based compensation as described i

tents Page Item 2. Material Changes 2 Item 3. Table of Contents 3 Item 4. Advisory Business 4 Item 5. Fees and Compensation 10 Item 6. Performance-Based Fees and Side-by-Side Management 21 Item 7. Types of Clients 211 Item 8. Methods of Analysis, Investment Strategies and Risk of Loss 22 Item 9.

s reasons for a consultant to be hired (e.g., the limited nature of the task or the particular expertise or preference of the consultant). Item 6. Performance-Based Fees and Side-by-Side Management As stated in "Item 5 — Fees and Compensation" above, generally all Hudson Bay Capital Clients are subject to payment of

over Page 1 Item 2. Material Changes 1 Item 3. Table of Contents 2 Item 4. Advisory Business 3 Item 5. Fees and Compensation 5 Item 6. Performance-Based Fees and Side-By-Side Management 11 Item 7. Types of Clients 11 Item 8. Methods of Analysis, Investment Strategies and Risk of Loss 11 Item 9. Di

s and expenses may be paid, however, by securities brokerage firms that execute clients' securities trades, as discussed in Item 12 below. Item 6. Performance-Based Fees and Side-By-Side Management All of the funds that Alkeon manages (except the Alkeon Select Funds) pay performance-based compensation as described i