Item 5 Fees and Compensation
Financial Consulting Services
We charge a fixed fee for financial consulting services. Fixed fees are negotiable and range from
$100,000 - $300,000, depending on the scope and complexity of services rendered. Our consulting fee
is payable as invoiced. In addition, we may reduce or eliminate our fee. The fee arrangement may be a
one time fee or an annual fee. Please see your Financial Consulting Agreement for more details.
You may terminate the financial consulting agreement upon 30 days written notice to our firm. If you
have pre-paid financial consulting fees that we have not yet earned, you will receive a prorated refund
of those fees. If financial consulting fees are payable in arrears, you will be responsible for a prorated
fee based on services performed prior to termination of the financial consulting agreement.
A Fund may retain one or more of its affiliates of Vesta Advisors to perform services ("Additional
Services") for the Fund for which it would otherwise hire unaffiliated third parties, including leasing,
property management, development, construction management, and accounting services, provided
that such services are generally required to be provided on terms no less favorable to the Fund than
those available from unaffiliated third parties with comparable experience for a comparable level of
service and quality and/or otherwise approved under the Fund's governing documents. All amounts
payable for any such services will be Fund expenses. Any compensation received by Vesta Advisors
or its affiliates for rendering Additional Services are separate and apart from and in addition to the
Consulting Fees received by Vesta Advisors for Financial Consulting Services.
Additionally, each Fund will also bear certain organizational and offering expenses and
operating expenses. Organizational and offering expenses are subject to a cap specified in the
Fund's offering materials and governing documents, and may include out-of-pocket and internal
expenses of the General Partner and its agents incurred in the formation of the Fund. Operating
expenses generally include certain legal, regulatory and accounting fees and expenses, expenses of
investor and investor advisory committee meetings, certain insurance and indemnification expenses,
certain valuation and appraisal expenses, interest on Fund indebtedness and taxation expenses.
Further details on the additional expenses each Fund will bear are contained in the Fund's offering
materials and governing documents.
Compensation for the Sale of Securities or Other Investment Products
Persons providing investment advice on behalf of our firm are licensed as independent insurance
agents. These persons will earn commission-based compensation for selling insurance products,
including insurance products they sell to you. Insurance commissions earned by these persons are
separate and in addition to our advisory fees. This practice presents a conflict of interest because
persons providing investment advice on behalf of our firm who are insurance agents have an incentive
to recommend insurance products to you for the purpose of generating commissions rather than solely
based on your needs. You are under no obligation, contractually or otherwise, to purchase insurance
products through any person affiliated with our firm.
©2017 National Compliance Services 800-800-3204
Persons providing investment advice on behalf of our firm are registered representatives with Frontier
Solutions LLC, a securities broker-dealer, and a member of the Financial Industry Regulatory Authority
and the Securities Investor Protection Corporation. In their capacity as registered representatives,
these persons receive compensation in connection with the purchase and sale of securities or other
investment products, including asset-based sales charges, service fees or 12b-1 fees, for the sale or
holding, of mutual funds. Compensation earned by these persons in their capacities as registered
representatives is separate and in addition to our advisory fees. This practice presents a conflict of
interest because persons providing investment advice to advisory clients on behalf of our firm who are
registered representatives have an incentive to recommend investment products based on the
compensation received rather than solely based on your needs. Persons providing investment advice
to advisory clients on behalf of our firm can select or recommend, and in many instances will select or
recommend, mutual fund investments in share classes that pay 12b-1 fees when clients are eligible to
purchase share classes of the same funds that do not pay such fees and are less expensive. This
presents a conflict of interest. You are under no obligation, contractually or otherwise, to purchase
securities products through any person affiliated with our firm who receives compensation described
above.