Tolleson Private Wealth Management LLC

Item 5 – Fees and Compensation

In consideration of its advisory services, TPWM generally receives management or advisory fees from
its clients. While the fees applicable to each client are described in detail in the investment advisory
agreement and the fees applicable to each Fund are described in detail in the offering and governing
documents, a brief summary of TPWM’s fee schedule is set forth below.

The basic fee schedule applicable to each advisory client is summarized below:

Type of Services                                  Basic Fees

Financial Advisory Services                       .40 % - 1.00% per annum of client assets under
                                                  management, payable monthly or quarterly or

                                                  Annual fixed fees, payable monthly or quarterly

Discretionary Fixed Income                        .20% per annum of client assets under
Portfolio Management                              management, payable monthly or quarterly

However, fees are negotiable with each client on a case-by-case basis, taking into consideration various
factors such as (among other things) a client’s situation and net worth, the size of the client relationship
and the type and number of services requested, complexity of the client’s financial plan and special
service needs. Accordingly, advisory fees will and do vary in certain instances from the basic fee
schedule set forth above. The specific fees for services rendered are established in each client’s written
advisory agreement with TPWM. All clients who executed a written advisory agreement with the firm
prior to January 1, 2022, that have ongoing asset-based fees are billed these fees quarterly in advance
based on the average daily balance methodology. All clients who executed a written advisory
agreement with the firm after January 1, 2022, that have ongoing asset-based fees are billed these fees
monthly in arrears based on the average daily balance methodology. Clients may instruct their
custodians to deduct fees directly from their accounts. Upon termination of the investment advisory
or other similar agreement, TPWM will refund to the applicable client a pro-rata portion of any
advisory fees paid in advance based on the average daily balance through the date of termination. For
those clients billed monthly in arrears, the final advisory fees due will be prorated based on the average
daily balance through the date of termination.

In most cases, clients receiving both financial advisory services and discretionary fixed income
portfolio management are charged, and pay to TPWM, a comprehensive financial advisory fee plus a
separate supplemental fee for discretionary fixed income portfolio management (as disclosed above).

If and to the extent a third-party investment adviser, investment manager and/or sub-advisor is
engaged or retained by or on behalf of a client to manage all or a portion of its assets in one or more
separately managed accounts, such client generally will be required to pay to TPWM (in consideration

Tolleson Private Wealth Management                                                       ADV Part 2A

of the additional services provided by TPWM to client with respect to such separately managed
accounts) an additional separately managed account fee in the amount of 0.25% per annum with
respect to such assets. Any such additional separately managed account fee payable to TPWM with
respect to assets managed or advised on by one or more third-party investment advisers, investment
managers and/or sub-advisors will be in addition to, and in excess of, any other fees and compensation
payable by client with respect to the same assets (including, without limitation, the financial advisory
fees payable to TPWM (as described above), and any advisory fees and expenses charged by third-
party investment managers with respect to such separately managed account assets).

Certain financial planning, tax planning and facilitation, bookkeeping, bill pay, cash management,
estate planning, philanthropy advisory, family engagement and other services are or may be provided
to or performed for clients for an additional agreed upon fee. More information regarding such fees
is set forth in the applicable account documents with a client, as applicable.

With respect to investments and related services provided through TPWM, if a client were
independently to select such investments and services separately without the aid of TPWM, it may
find its costs to be more or less than if the investments and services were received as a program
through TPWM.

TPWM provides investment advisory, administrative and other services to the Funds. With respect to
each advisory client of TPWM who invests in a Fund, no additional investment advisory fee generally
is charged by TPWM with respect to such client at the Fund level. However, in the event TPWM
directly manages a portion of a Fund’s portfolio, TPWM will receive as asset-based advisory fee equal
to a percentage of the directly managed Fund assets. This asset-based advisory fee is intended to
compensate TPWM for the selection, investment, oversight and direct management of this select
portion of the Fund’s portfolio in lieu of the fee that would otherwise be payable by the particular
Fund to a third-party manager.

In consideration of the administrative and other non-advisory services provided or performed by
TPWM with respect to each Fund, such Fund pays TPWM an administrative fee payable monthly in
arrears equal to 0.30% per annum of the aggregate capital account balance of each investor in such
Fund (or such other percentage or amount otherwise specified or provided in the applicable governing
and offering documents of a Fund, or other disclosures to investors in such Fund). The administration
fee with respect to any Fund may be changed or modified or amended from time to time as determined
...

Item 7 – Types of Clients

DESCRIPTION
TPWM provides investment advisory services to high-net-worth individuals, estates, trusts,
foundations, the Funds, trust accounts at Tolleson Private Bank and National Philanthropic Trust.
See Item 10 below. TPWM may from time to time in the future provide or perform advisory and other
services for various other types of clients or persons.

ACCOUNT REQUIREMENTS
Generally, the minimum account size for an advisory client is $20 million (subject to waiver by
TPWM).

Among other things, advisory clients are required to sign written advisory agreements that set forth
the nature and scope of TPWM’s advisory services and the investment objectives, guidelines and
restrictions applicable to the management of advisory accounts. In addition, advisory clients generally
must meet certain net worth, net asset and/or other eligibility requirements.

Each investor in a Fund generally is required to represent that it is, among other things, (i) an
accredited investor, as such term is defined in Rule 501(a) of Regulation D under the Securities Act
of 1933, as amended, and (ii) a qualified purchaser, as such term is defined in Section 2(a)(51)(A) of
the Investment Company Act of 1940, as amended.

Tolleson Private Wealth Management                                                         ADV Part 2A