SCS Capital Management LLC

Item 5. Fees and Compensation
Wealth Management Clients
Asset Based Fees. SCS charges a fee to its clients based on a percentage of assets under management,
which is set forth in SCS’s investment advisory agreement with each client. This fee is intended to
compensate SCS for designing the overall wealth management plan for the client, including asset
allocation, investment manager selection and monitoring, direct investment management of a portion
of the client’s assets, as well as to compensate SCS for broader wealth management services which
are provided by SCS. SCS’s fees are generally based on a percentage of the client’s assets under
management with SCS, generally 0.75%; are negotiable; will vary from client to client, and are based
on a number of factors, such as the client’s assets under SCS’s management, scope of services to be
provided, origins of the client relationship (including whether the client joined SCS through a merger
with another firm), and potential future revenues from the client relationship.

In general, all family relationships are aggregated to determine the blended fee rate. Fees are payable
quarterly in advance, or in arrears, on the first day of each calendar quarter based on the market
value of assets under management, including cash within the portfolio, accrued interest, and
securities purchased on margin, on the last day of the preceding quarter unless an alternate
arrangement is mutually agreed upon. The fees are debited from the client's custodial account by SCS,
as authorized by the client, unless otherwise specified in the investment advisory agreement. In the
event an advisory relationship is terminated prior to the end of a quarter, SCS’s compensation would
be pro-rated to the date of termination and any unearned portion reimbursed. The client and SCS
may each terminate the advisory relationship upon 30 days written notice to the other. SCS generally
requires its clients to be subject to a minimum relationship fee level that is mutually agreed upon with
the client. In certain circumstances, the minimum relationship fee may be waived.

For certain clients, we charge an advisory fee for services provided to the held-away accounts
mentioned above in Item 4, just as we do with client accounts held at our primary custodians(s). The
specific fee schedule charged by us is provided in the client’s investment advisory agreement with us.

Fixed Fees. For certain clients, SCS is contracted to provide investment management services in
addition to business advisory services and consolidated reporting on assets not managed by SCS.
Under these arrangements, the clients will pay SCS an agreed upon services fee that is generally billed
quarterly, either in advance or in arrears depending on the agreement with the client.

Consulting Fees. For certain clients, SCS is contracted to provide business advisory services unrelated
to the investment management services provided to the clients. Under these arrangements, the
clients pay SCS an agreed upon consulting fee that is billed quarterly, either in advance or in arrears
depending on the agreement with the client.

{438191v3}

Bill Pay Fees. For certain clients, SCS provides bill payment administration services. Fees are
determined on a case-by-case basis and will depend on the complexity and resources needed to meet
the client’s bill payment needs. Fees are generally fixed for all bill pay services. Depending on the exact
service a client enrolls in, they may be subject to an additional annual fee. Under these arrangements,
the clients pay SCS an agreed upon bill pay fee that is generally billed quarterly, either in advance or
in arrears depending on the agreement with the client.

External Investment Manager Fees. Fees charged by the external investment managers selected by
SCS to manage portions of the client’s assets are separate from and in addition to SCS's asset-based
fees described above. These fees are set out in each investment manager’s investment advisory
agreement or, in the case of mutual funds, exchange traded funds or private funds in the prospectus
or offering memorandum. SCS is responsible for monitoring each relationship and reviewing the fees
charged. When able to negotiate fees that are lower than an investment manager’s standard fee
schedule, SCS passes these savings directly through to clients.

Separately Managed Account Fees. For separately managed account services, SCS generally charges
an asset-based fee calculated as a percentage of assets under management. Fees are negotiable and
vary based on factors such as account size, strategy complexity, and the scope of services provided.
Fees are calculated and billed as set forth in the applicable agreement with the client or client’s
primary investment adviser and are typically assessed as described above in this Item 5 under
“Asset Based Fees.”

Model Delivery Fees. For model delivery services, we typically receive a fee based on assets invested
in strategies that utilize our model portfolio. Fees are negotiable and vary. The fee is generally
calculated as a percentage of assets under management attributable to the model and are typically
assessed as described above in this Item 5 under “Asset Based Fees.”

Additional Expenses Incurred by Clients. In addition to SCS’s fees described in this Item 5, including
the asset based advisory fees, clients will incur charges for custody services, brokerage, and other
transaction costs associated with the buying and selling of securities within their accounts. See Item 12
in this Brochure regarding Brokerage Practices.

Pooled Investment Vehicles and Blue Current Global Dividend Fund
Management and Performance Fees. For investors who are not SCS wealth management clients, SCS
charges a fund-level management fee (the “Management Fee”). The Management Fee for each pooled
investment vehicle varies but ranges, on an annual basis, from 0.40% to 0.75% of the net asset value,
...

Item 7. Types of Clients
As described under “Advisory Business” above, the types of clients to whom SCS generally provides
investment management services include high net worth individuals and related entities, including
family trusts and foundations, corporations and business entities, as well as institutional investors,
privately offered pooled investment vehicles, and a registered investment company.

SCS generally requires its clients to have a minimum level of assets under management and/or be
subject to a minimum relationship fee level. Under certain circumstances, the minimum account size
and/or relationship fee may be waived. SCS pooled investment vehicles have a lower minimum
investment, which generally ranges from $100,000 to $250,000. Under certain circumstances, the
minimum investment amount may be waived. In order to be eligible to invest in these vehicles,

{438191v3}

prospective investors must be “accredited investors” as defined in Regulation D under the Securities
Act and “qualified purchasers” as defined in the Investment Company Act.