Advisor Partners II LLC

ITEM 5 – FEES AND COMPENSATION
    A. Concentric Fee or Sub-Advisory Fee
In consideration of its provision of services under separate written contracts with individuals, families or
institutions and under separate sub-advisory agreements with each RIA, Concentric will charge a quarterly fee
(the “Concentric Fee” or “Sub-Advisory Fee”). The specific fee schedule, nature, rate, timing (e.g., quarterly, in
advance or in arrears), method of calculation and manner of payment will be set forth in separate written
agreements with each Client or RIA. For other than Sub-Advisory relationships, the Concentric Fee schedule
ranges from approximately 0.00% to 0.50% per annum and is subject to change upon notice. For the Dir. Index
Strat, AMA, CAA, FI Strategy and CEF strategies fees are based on the Client’s account values. The L/S strategy
is charged on the total of the absolute value of the long and short positions excluding Cash and Cash
Equivalents. Please see for Long/Short Strategies Methodology below for additional information.
For sub-advisory relationships, the terms will vary depending on the constraints imposed by the relevant RIA,
the strategies or overlays selected, and the level of customization and complexity. Fee arrangements are
negotiable based on the size, scope and complexity of the relationship, and different Clients may therefore pay
different fees.

Concentric may waive or reduce fees for accounts owned by employees, their families, or related persons. As a
result, these individuals may pay less than other clients. This reduction is for individuals who are specifically
allocated to Concentric and not all Pathstone employees.
Lastly, in instances where Concentric serves as a discretionary sub-adviser or as a portfolio manager in a wrap
fee program, Concentric’s discretionary relationship is fully disclosed to the client. When Concentric acts as a
portfolio manager for a wrap fee program, Concentric receives a portion of the wrap fee for its services.
    B. Sub-Advisory Fee Schedule
Concentric will charge a Sub-Advisory Fee for each Client Account depending on the type of platform (e.g., SMA
or UMA), strategy (e.g., Dir. Index Strat, AMA, CAA, CEF, FI Strategy, L/S, MPM, etc.), index (e.g., S&P Dow Jones
Indices, Solactive, MSCI Inc., etc.) and overlay selected by each RIA. Depending on the platform, strategy or
overlay selected as well as the size and complexity of each Client engagement, fees may be negotiable. For Sub-
Advisory relationships, the current Sub-Advisory Fee schedule ranges from approximately 0.05% to 0.50% per
annum and is subject to change upon notice.
    C. Third-Party Model Manager Fees
As part of the AMA and CEF strategies, each Client Account is subject to any applicable third-party model
manager fees. Concentric will assist with both the calculation and collection of any third-party model manager
fees. The third-party model manager fees are separate and in addition to any applicable Sub-Advisory Fee. Each
RIA is responsible for negotiating the third-party model manager fees and for the accuracy and payment of the
model manager fees to third-party managers.
    D. Third-Party Index or Benchmark Provider Fees
In addition to the Sub-Advisory Fees, each Client Account is subject to all applicable third-party index or
benchmark provider fees (e.g., S&P Dow Jones Indices, Solactive or other third-party index providers) related
to the licensing of a particular index or benchmark by asset class (e.g., equity, fixed income, currency,
commodity, etc.). Index or benchmark provider fees may differ between indices or benchmarks and are subject
to change based on specific market, asset class, sector, or investment strategy. Ultimately, such fees will be
charged to each Client Account depending upon the index or benchmark used. Concentric may at its sole
discretion determine i) what rate or fee to charge for the use of a particular index or benchmark; ii) to change
index or benchmark service providers or iii) to waive or cover the charge related to a particular index or
benchmark. Concentric currently offers the choice of the Solactive, MSCI Inc. (“MSCI”)or S&P Dow Jones Indices
(“S&P”) indices.
For Third-Party Index or Benchmark Provider Fees, Concentric will calculate and collect these fees from Client
Accounts. Please note that the actual amount of fees charged to the Client Account may be slightly higher than
the underlying index or benchmark provider fee due to the differences in timing and methodology of calculations
between index providers and Concentric as well as the variability of the billable assets used in different
calculation periods between index providers and Concentric (e.g., monthly index fees vs. quarterly Sub-Advisory
Fee utilizing a three month average calculation).
    E. Other Third-Party Expenses
In addition to the Sub-Advisory Fee, each Client Account is subject to all unaffiliated third-party expenses (e.g.,
expenses related to the purchase and sale of mutual funds, ETFs, or other securities) incurred directly or
indirectly in connection with transactions on behalf of the Client Account pursuant to other unaffiliated third-
party agreements, which expenses shall include, but are not limited to brokerage commissions, transaction fees,
and other related costs and expenses which shall be incurred by the Client Account. Client Accounts may incur
certain charges imposed by custodians, brokers and other third parties such as fees charged by managers,

custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees,
and other fees and taxes on brokerage accounts and securities transactions. Additionally, unaffiliated mutual
funds and exchange traded funds (“ETFs”) (collectively, “Other Third-Party Funds”) also charge management,
shareholder servicing and/or 12b-1 fees, which are disclosed in Other Third-Party Funds’ prospectuses. Such
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ITEM 7 – TYPES OF CLIENTS
Concentric’s Clients are primarily RIAs or other financial institutions. Concentric acts as a sub-advisor for RIA
accounts, referred to above as “Underlying RIA Clients”. In certain circumstances, Concentric manages accounts
for individuals, family entities, or other types of clients directly.

    A. Observations on Number of Clients and Accounts in Part 1A Items 5D & 5F
For clarification, in our Form ADV Part 1A, (Items 5D & 5F), the number of clients and accounts disclosed
represents the total number of Underlying RIA Client Accounts sub-advised by Concentric. Concentric generally
requires a minimum of $250,000 for each SMA account; however, Concentric may waive this requirement at its
sole discretion.