Virtera Partners LLC

ITEM 5. FEES AND COMPENSATION
Family Office and Separately Managed Account Clients
Our annual fee for discretionary and non-discretionary investment advisory services generally ranges from 0.10%
to 0.50% based on the market value of assets managed by us. This fee is negotiable based on various factors such
as the type and complexity of the services provided, as well as the level of administration requested either
directly or assumed by the client. This fee may be a fixed rate (i.e., based on a specific percentage) or a blended
tier structure (i.e., based on certain asset level breakpoints). Clients and Virtera Partners enter into an Investment
Advisory Agreement which outlines the terms and conditions of the relationship and the assets that are subject to
the annual fee.

Our fee is billed and payable, quarterly in arrears. For asset-based fee arrangements, our fee is based on the
balance at the end of each calendar quarter. Client assets are determined based on the market value provided by
the custodian when available. The custodian market value can include any interest and/or dividend income
accruals (which includes all earned but yet unpaid interest payments and/or dividends), withdrawals, and/or value
or impact of unsettled trades.

For interests in private investments or pooled investment vehicles, the value is based on the market value
provided by the fund sponsor or sub-adviser. If a current valuation is not available, the value will be based on the
estimated market value provided by the sponsor or sub-adviser, or the previous market value provided by the
sponsor or sub-adviser adjusted for any contributions and distributions since that date. If there is no sponsor or
sub-adviser, the value will be based on the cost basis or most recent transaction.

In limited circumstances, if a valuation cannot be derived using the steps above, or if the valuation derived from
the steps above is not believed to be the most accurate valuation available, additional variables may be
considered to determine the most appropriate valuation for an investment. These valuations will be reviewed and
approved on a quarterly basis by the Valuation Committee, which includes the Chief Investment Officer and the
Chief Financial Officer.

For certain clients whose assets are held by the primary custodian, Charles Schwab & Co., Inc. (“Schwab”), , we
deduct our fee, some of which may be based on assets that are not held by the primary custodian, directly from
your account through the primary custodian. We will deduct our advisory fee only when the following
requirements are met:

     You provide our Firm with written authorization permitting the fees to be paid directly from your account
      held by the qualified custodian; and
     The qualified custodian agrees to send you a statement, at least quarterly, indicating all amounts
      disbursed from your account including the amount of the advisory fee paid directly to our Firm.

For clients that do not have our fee deducted directly from the primary custodian, we send an invoice for the
payment of our advisory fee. We also send you an invoice if we deduct our fee directly from your account for
assets not held by the primary custodian.

If the investment advisory agreement is executed at any time other than the first day of a calendar quarter, our
fees will apply on a pro rata basis, which means that the advisory fee is payable in proportion to the number of
days in the quarter for which you are a client. Our advisory fee is negotiable, depending on individual client
circumstances. We encourage you to reconcile our invoices with any statement(s) you receive from the qualified
custodian or fund sponsor.

If you find any inconsistent information between our invoice and the statement(s) you receive from the qualified
custodian or fund sponsor, call our main office number located on the cover page of this Brochure.
You may terminate the agreement upon written notice. If applicable, you will incur a pro rata charge for any

services rendered prior to the termination of the agreement, which means you will incur advisory fees only in
proportion to the number of days in the quarter for which you are a client. If you have pre-paid advisory fees that
we have not yet earned, you will receive a prorated refund of those fees.

Private Fund Fees
All fees paid to Virtera Partners for investment advisory services are separate and distinct from the fees and
expenses charged by the Funds to the investors in the Funds as members or limited partners of the private pooled
investment vehicles. These fees and expenses are described in the Funds' offering documents. Such fees generally
include a management fee, other fund expenses, and a performance-based fee (“Incentive Allocation”). Clients
could possibly invest in the Funds directly, without our services. In that case, clients would not receive the
services provided by Virtera Partners which are designed, among other things, to assist each client in determining
if the Funds are appropriate to each client's financial condition and objectives. Accordingly, clients should review
both the fees charged by the Funds and Virtera Partners to fully understand the total amount of fees to be paid by
each client and thereby evaluate the advisory services being provided.

The fees charged by the Funds are separate and apart from our advisory fees. You should refer to the offering
documents for a complete description of the fees.

Additional Fees and Expenses
As part of our advisory services to you, we may invest, or recommend that you invest, in mutual funds and
exchange traded funds. The fees that you pay to our Firm for investment advisory services are separate and
distinct from the fees and expenses charged by mutual funds or exchange traded funds (described in each fund's
prospectus) to their shareholders. These fees will generally include a management fee and other fund expenses.
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ITEM 7. TYPES OF CLIENTS
Virtera Partners provides investment advisory services to family offices, charitable organizations, separately
managed account clients and pooled investment vehicles, (“Clients”). Family offices, charitable organizations, and
other separately managed account Clients are subject to minimum investable asset requirements. Families should
have minimum investable assets of $100,000,000. At our discretion, we may waive the minimum asset
requirements at any time. We may also combine account values for you and your minor children, joint accounts
with your spouse, and other types of related accounts to meet the stated minimum.

Funds and other pooled investment vehicles managed or sponsored by the Firm, or an affiliate thereof, may have
lower minimum investment requirements as described in each Fund’s respective offering documents. To invest in
these Funds or pooled investment vehicles, each investor is required to certify that they qualify as, among other
things, an “accredited investor” and a “qualified client” or “qualified purchaser,” as such terms are defined under
the rules of securities laws.