ITEM 5: FEES AND COMPENSATION
Belvedere establishes the fees charged for sub-managing investment strategies for Client in
the written Sub-Management Agreement (“SMA”) between Clients and Belvedere. Fees are
generally payable monthly in arrears, at the end of each calendar month, and are either
deducted directly from the Client’s accounts or billed directly to the Client for payment. Fees
are calculated based on the market value of the assets of a Client’s portfolio, including cash
or its equivalents, during the billing period. When using certain custodians, fees may be
calculated and paid on a frequency other than monthly.
If Belvedere’s sub-management of a Client’s portfolio begins after the start of a calendar
month or ends before the end of a calendar month, the fees are prorated for that month.
The SMA between Belvedere and a Client may be terminated by either party upon written
notice as described in that SMA.
FEES
The annual fees for our management services are described in our SMA and may change from time
to time. As of the date hereof, the fees for new accounts are as follows:
• Asset class investment strategies:
o Equity ETF (up to 20 basis points)
o Equity Stock (up to 45 basis points)
o Fixed Income (up to 10 basis points)
o Multi-Asset (up to 10 basis points)
• Custom investment strategies (up to 35 basis points)
Fees and minimum investment amounts are negotiable at the sole discretion of Belvedere.
ADDITIONAL CHARGES AND FEES
Belvedere’s sub-management fees are separate from the brokerage commissions,
transaction fees, and other expenses that may be paid to other third parties. Clients may pay
such charges to custodians, brokers, and other third parties. These fees can include custodial
fees, audit fees, deferred sales charges, transfer taxes, wire transfer and electronic fund fees,
other fees and taxes on brokerage accounts and securities transactions. The charges
described above and, in the paragraph below are in addition to Belvedere’s fees, and
Belvedere does not receive any portion of these charges.
Mutual funds and exchange traded funds (“ETFs”) also charge investment management fees.
Mutual funds may also impose initial or deferred sales charges, which are disclosed in a
fund’s prospectus. In constructing investment strategies for Clients, Belvedere will generally
NTAC:3NS-20
BELVEDERE ADVISORS LLC FORM ADV PART 2A
include, in part or in whole, mutual funds and ETFs managed by NTI (“Proprietary Funds”).
Accordingly, NTI receives investment management fees in connection with investments by
Belvedere’s Clients in such Proprietary Funds. Furthermore, Belvedere’s and NTI’s affiliates
may also receive custodial, administrative, accounting and transfer agent fees for services
provided to the Proprietary Funds. Clients should review all fees charged by mutual funds,
ETFs, Belvedere, and others to fully understand the total amount of fees they are paying, and
to evaluate the value of Belvedere’s advisory services.