What does the two and twenty fee structure refer to?

a.

Hedge fund fee structure with a fixed management fee equal to 2% of AUM and 20% incentive fee for all profits above the benchmark made by the hedge fund

b.

Hedge fund fee structure with a management fee equal to 2% of AUM for every 20% AUM increase made by the hedge fund

c.

Hedge fund fee structure with a flexible management fee varying from 2% to 20% of AUM depending on the funds performance

d.

Hedge fund fee structure with a fixed management fee equal to 2.20% of AUM