PERFORMANCE

HISTORICAL RETURNS,
NET ASSET VALUE &
DISTRIBUTIONS

Monthly Returns (%) | iDirect Private Markets Fund (08/01/15–02/29/24)

* References herein to the “Fund” or “iDirect PM Fund” in each instance refer to the iDirect Private Markets Fund, unless specified otherwise.

Class I	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	MSCI ACWI YTD
2024	-0.06%	2.19%											2.14%	4.90%
2023	2.24%	-1.31%	-0.31%	0.56%	-0.28%	2.99%	2.02%	0.15%	2.78%	-0.66%	3.99%	-0.31%	12.34%	22.20%
2022	-3.91%	-1.37%	3.43%	-3.78%	0.00%	-1.25%	2.00%	-1.65%	-1.65%	1.82%	1.85%	-3.52%	-8.06%	-18.37%
2021	-0.31%	1.70%	10.44%	1.80%	2.09%	2.97%	-0.69%	2.01%	5.97%	3.20%	-1.11%	0.74%	32.25%	18.54%
2020	-0.47%	-2.26%	-6.79%	2.22%	0.61%	2.21%	1.15%	1.17%	7.08%	-0.33%	4.20%	2.63%	11.34%	16.25%
2019	2.41%	0.83%	1.54%	0.20%	-1.35%	2.68%	0.34%	-0.24%	0.03%	0.30%	0.61%	1.99%	9.67%	26.60%
2018	-0.31%	-0.68%	0.48%	0.48%	0.61%	2.83%	0.10%	0.27%	2.35%	-2.62%	0.03%	-1.00%	2.46%	-9.42%
2017	0.11%	0.82%	0.50%	0.88%	0.59%	2.74%	-0.14%	-0.14%	1.44%	0.00%	-0.58%	2.82%	9.37%	23.97%
2016	-2.03%	-0.70%	4.69%	-0.98%	0.61%	2.91%	0.33%	0.70%	2.91%	0.21%	0.25%	2.60%	11.88%	7.86%
2015								-0.04%	-0.04%	-0.16%	-0.16%	4.78%	4.36%	-5.72%

Class A	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	MSCI ACWI YTD
2024	-0.06%	2.15%											2.08%	4.90%
2023	2.16%	-1.32%	-0.33%	0.47%	-0.27%	2.91%	1.97%	0.06%	2.70%	-0.69%	3.97%	-0.41%	11.64%	22.20%
2022	-4.00%	-1.37%	3.35%	-3.81%	-0.06%	-1.33%	1.99	-1.71%	-1.73%	1.77%	1.80%	-3.55%	-8.63%	-18.37%
2021	-0.34%	1.63%	10.45%	1.70%	1.97%	2.95%	-0.75%	2.03%	5.93%	3.17%	-1.20%	0.72%	31.53%	18.54%
2020	-0.50%	-2.31%	-6.81%	2.14%	0.54%	2.18%	1.08%	1.15%	7.02%	-0.35%	4.11%	2.55%	10.65%	16.25%
2019	2.34%	0.81%	1.54%	0.14%	-1.37%	2.60%	0.29%	-0.29%	0.00%	0.29%	0.58%	1.91%	9.14%	26.60%
2018	-0.36%	-0.73%	0.44%	0.44%	0.51%	2.81%	0.07%	0.21%	2.28%	-2.65%	-0.07%	-1.06%	1.80%	-9.42%
2017	0.00%	0.75%	0.45%	0.82%	0.52%	2.68%	-0.14%	-0.22%	1.38%	0.00%	-0.65%	2.76%	8.62%	23.97%
2016	-2.08%	-0.82%	4.54%	-1.03%	0.56%	2.85%	0.23%	0.69%	2.83%	0.15%	0.22%	2.54%	11.00%	7.86%
2015								-0.08%	-0.17%	-0.17%	-0.25%	4.70%	4.00%	-5.72%

Past performance is not indicative of future results. Investment returns and principal value of an investment will fluctuate, therefore, you may have a gain or loss when you redeem your shares. Monthly returns are net of Fund expenses and based on NAV at month-end.

Annualized Statistics† | Returns for periods less than one year are cumulative rather than annualized (08/01/15–02/29/24)

	Annualized Total Return	Annualized Standard Deviation
iDirect Private Markets Fund: Class I	9.79%	7.79%
iDirect Private Markets Fund: Class A (NAV)	9.10%	7.78%
iDirect Private Markets Fund: Class A (max load)^‡	8.64%	7.80%
MSCI All-Country World Index	8.94%	15.60%

† The inception date of both the Fund’s Class A shares (including predecessor feeder fund shares), and Class I Shares (as re-classified), is 07/31/2015.

‡ Class A shares are subject to a maximum sales load of 3.5%. Class I shares have no sales load.

The total annual fund expense ratio, gross of any fee waivers or expense reimbursements, is 3.58% for Class A shares and 2.97% for Class I shares. The Adviser has agreed to a cap on specified expenses not to exceed 0.55% for Class A shares and for Class I shares as of the most recent Prospectus dated July 30, 2021, as supplemented. See the Prospectus for more information.

The performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance data shown above. Investment return and principal value will fluctuate, so that shares, when sold, may be worth more or less than their original cost. The returns may reflect expense limitation and reimbursement, without which, the performance would have been lower. The Fund’s performance, especially for short periods of time, should not be the sole factor in making your investment decision.

For the period from the Fund’s inception through May 31, 2016, the returns and expenses of Class A shares reflect the performance of the prior feeder fund; and the returns of Class I shares reflect the performance of the Fund prior to its issuance of multiple share classes and reclassification of existing shares. From June 1, 2016 forward, the returns reflect performance of Class A and Class I shares, respectively, of the iDirect Private Markets Fund (formerly known as Altegris KKR Commitments Master Fund, and iCapital KKR Private Markets Fund). As of Feb. 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to Feb. 12, 2021, the Fund was managed by a different investment adviser.

S&P 500 Total Return Index. The total return version of S&P 500 index; generally representative of certain portions of the U.S. equity markets. Returns assume reinvestment of dividends. The index shown is for general market comparisons and is not meant to represent any actual fund. An index is unmanaged and not available for direct investment.

MSCI All-Country World Index. The MSCI ACWI captures large and mid cap representation across 23 developed markets and 27 emerging markets countries. With more than 3,000 constituents, the index covers approximately 85% of the global investable equity opportunity set. An index is unmanaged and not available for direct investment.

Standard deviation is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility.

Net Asset Value | As of 02/29/24

iDirect Private Markets Fund: Class I	$36.33
iDirect Private Markets Fund: Class A	$16.65

Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown. The net asset value will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the date specified.

KKR, Vista, and Warburg Pincus is neither a sponsor, promoter, adviser nor affiliate of the Fund. There is no agreement or understanding between KKR, Vista, Warburg Pincus and iCapital regarding the management of the investment program of the Fund.

Before Feb. 1, 2022. the StepStone Group LP (“StepStone”) served as sub-advisor for the Fund. However, as of Feb. 1. 2022, StepStone is no longer the sub-advisor for the Fund.

Distributions

	Record Date	Ex-Date	Payable Date	Short-Term Capital Gains	Long-Term Capital Gains	Income	Reinvestment Price
iDirect Private Markets Fund: Class I	12/1/2016	12/2/2016	12/2/2016	$0.00	$1.19	$0.00	$27.25
	6/1/2017	6/2/2017	6/21/2017	$0.00	$0.36	$0.00	$28.42
	12/1/2017	12/4/2017	12/20/2017	$0.00	$0.87	$0.00	$28.50
	6/1/2018	6/4/2018	6/25/2018	$0.00	$0.56	$0.00	$28.91
	12/3/2018	12/3/2018	12/19/2018	$0.00	$1.21	$0.00	$29.75
	6/3/2019	6/4/2019	6/24/2019	$0.00	$0.49	$0.00	$28.79
	12/2/2019	12/3/2019	12/19/2019	$0.00	$0.64	$0.00	$29.23
	6/1/2020	6/2/2020	6/24/2020	$0.00	$0.55	$0.00	$27.27
	12/1/2020	12/2/2020	12/21/2020	$0.00	$0.71	$0.00	$31.01
	6/1/2021	6/2/2021	6/24/2021	$0.00	$0.56	$0.04	$36.44
	12/1/2021	12/2/2021	12/4/2021	$0.00	$1.78	$0.00	$39.34
	6/1/2022	6/2/2022	6/24/2022	$0.00	$1.88	$0.04	$35.50
	12/1/2022	12/2/2022	12/21/2022	$0.06	$1.46	$1.04	$33.30
	6/1/2023	6/2/2023	6/23/2023	$0.00	$0.22	$0.04	$32.18
	12/1/2023	12/2/2023	12/21/2023	$0.00	$0.27	$1.04	$35.68
iDirect Private Markets Fund: Class A	12/1/2016	12/2/2016	12/2/2016	$0.00	$0.57	$0.00	$12.94
	6/1/2017	6/2/2017	6/21/2017	$0.00	$0.17	$0.00	$13.44
	12/1/2017	12/4/2017	12/20/2017	$0.00	$0.41	$0.00	$13.44
	6/1/2018	6/4/2018	6/25/2018	$0.00	$0.26	$0.00	$13.59
	12/3/2018	12/3/2018	12/19/2018	$0.00	$0.57	$0.00	$13.94
	6/3/2019	6/4/2019	6/24/2019	$0.00	$0.23	$0.00	$13.46
	12/2/2019	12/3/2019	12/19/2019	$0.00	$0.30	$0.00	$13.63
	6/1/2020	6/2/2020	6/24/2020	$0.00	$0.26	$0.00	$12.68
	12/1/2020	12/2/2020	12/21/2020	$0.00	$0.33	$0.00	$14.37
	6/1/2021	6/2/2021	6/24/2021	$0.00	$0.26	$0.01	$16.84
	12/1/2021	12/2/2021	12/4/2021	$0.00	$0.82	$0.00	$18.13
	6/1/2022	6/2/2022	6/24/2022	$0.00	$0.86	$0.00	$16.32
	12/1/2022	12/2/2022	12/21/2022	$0.03	$0.67	$0.37	$15.37
	6/1/2023	6/2/2023	6/23/2023	$0.00	$0.10	$0.00	$14.81
	12/1/2023	12/2/2023	12/21/2023	$0.00	$0.12	$0.00	$16.38

Fund distributions will vary depending upon market conditions and number of shares outstanding. Past distributions are no guarantee of future distributions or performance results.

This information is not intended to cover the complexities of a shareholder’s individual tax situation. Because tax laws vary among states, you should consult your tax advisor about the specific rules in the state(s) in which you pay income taxes.

Record date is the date by which a shareholder must own fund shares to receive the distribution. Ex-date is the date on which a shareholder who purchases fund shares will not be eligible to receive the distribution. Payable date is the date on which a shareholder is paid the distribution.

Note: While the portfolio composition that has been developed by iCapital Registered Fund Adviser LLC (the Fund’s investment adviser) reflects their assessment of the relative attractiveness of sub-sectors within the context of an appropriately diversified portfolio, given the percentage of assets that will be invested in Investment Interests sponsored or managed by Kohlberg Kravis Roberts & Co. L.P. or an affiliate (collectively, “KKR”), Vista Equity Partners Management, LLC or an affiliate (collectively, “Vista”), or Warburg Pincus LLC or an affiliate (collectively, “Warburg Pincus”) and with KKR and Vista, (the “Core Independent Managers”), the Fund will be exposed to risks related to the core independent managers. As of Feb. 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to Feb. 12, 2021, the Fund was managed by a different investment adviser. Before Feb. 1, 2022, the StepStone Group L.P. (“StepStone”) served as sub-advisor for the Fund. However, as of Feb. 1, 2022, StepStone is no longer the sub-advisor for the Fund.

A portion of the Fund’s assets may be allocated to Investment Interests which are not sponsored or advised by a Core Independent Manager.

Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits, or avoid losses. There can be no assurance that all investment types will be available, will be consistent with the Fund’s objective, will satisfy the Investment Adviser’s due diligence considerations, or will be selected for the Fund.

INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE iDIRECT PRIVATE MARKETS FUND (THE “FUND”) BEFORE INVESTING. THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUND IS CONTAINED IN THE FUND’S PROSPECTUS, WHICH CAN BE OBTAINED BY CALLING 877-562-1686. THE PROSPECTUS SHOULD BE READ CAREFULLY BEFORE INVESTING.

RISKS ASSOCIATED WITH AN INVESTMENT IN THE FUND

The discussion of the various risks associated with the Fund and the Shares (as defined and described in the Fund’s Prospectus) are not intended to be a complete enumeration or explanation of the risks involved in an investment in the Fund. The Fund should be considered a speculative investment and involves a high degree of risk and may involve loss of capital, up to the entire amount of a shareholder’s investment.

The nature of private equity can result in a lack of transparency due to limited information, and the risk of loss is increased due to speculative strategies employed by the Fund, including investing assets in private equity, private credit, early stage and other private investments which may not perform as expected. More importantly, Fund shares and shares of underlying funds will not be listed on any national securities exchange and are subject to restrictions on transferability, thereby making them illiquid.

Other risks include, but are not limited to, market risk, concentration risk, and potentially less diversification due to the substantial portion of Fund assets invested in manager-specific private equity. The Fund is also subject to the risks of leverage, higher fees and additional layers of expenses, as well as the potential for greater volatility due to Fund assets invested in a limited number of securities, or a focus on particular sectors and geographical regions.

Assets invested in foreign securities exposes the Fund to various geopolitical risks and currency fluctuations typically not applicable in the U.S., and this risk is magnified for emerging markets. The potential for adverse changes in business and tax laws involves tax risk and heightened regulatory scrutiny. The lack of a secondary market for trading private equity subjects the Fund to liquidity risks and may result in greater price risk and potential for inaccuracies in determining fair market value of investments held in the portfolio. Investments acquired in reliance on imperfect information increases counterparty risk and liabilities, and anticipated value may not be realized.

The Fund is distributed by iCapital Markets LLC, an SEC-registered broker-dealer and member of FINRA and SIPC. iCapital Registered Fund Adviser, LLC (the “Adviser”), an affiliate of iCapital Markets LLC, serves as the investment adviser to the Fund. The Adviser is registered as an investment adviser with the Securities and Exchange Commission; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. The Adviser is exempt from registration with the Commodity Futures Trading Commission as a commodity pool operator. The Adviser became investment adviser to the Fund on Feb. 12, 2021. Before Feb. 12, 2021, the Fund was managed by a different investment adviser. Before Feb. 1, 2022, the StepStone Group L.P. (“StepStone”) served as sub-advisor for the Fund. However, as of Feb. 1, 2022, StepStone is no longer the sub-advisor for the Fund. For detailed information about the Adviser’s services and fees, please read the Prospectus of the Fund, which can be found at https://www.sec.gov/edgar/searchedgar/companysearch.html or call 855.891.0092 to request a copy.

Investors should be aware that iCapital Markets LLC provides distribution services to the Fund and that iCapital Markets LLC does not provide services to any investor, including any determination regarding whether an investment in the Fund is in the best interests of, or is suitable for, any investor. Investors should exercise their own judgment and/or consult with a professional advisor to determine whether an investment in the Fund is advisable.

A link to FINRA’s internet home page can be found here: https://www.finra.org/#/. A link to SIPC’s website can be found here: https://www.sipc.org/.

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HISTORICAL RETURNS, NET ASSET VALUE & DISTRIBUTIONS

Monthly Returns (%) | iDirect Private Markets Fund (08/01/15–02/29/24)

Annualized Statistics† | Returns for periods less than one year are cumulative rather than annualized (08/01/15–02/29/24)

Net Asset Value | As of 02/29/24

Distributions

HISTORICAL RETURNS,
NET ASSET VALUE &
DISTRIBUTIONS