Diversified Portfolios Inc

Item 5: Fees and Compensation

        We updated our standard management fee for accounts under $1,000,000 to 1.25%. We
clarified how our fee schedule works, including how fees change once the client’s assets exceed
$1,000,000. We also updated our disclosure to better explain how and when fees are calculated
and billed, including how fees are handled for held-away accounts and when clients may be
invoiced directly.

Item 8: Investment Strategies and Risk of Loss

        We began using alternative investments in client portfolios in 2025. We added new
disclosures about the risks of these investments, including risks related to investments such as
collateralized loan obligations (CLOs) and reinsurance-related securities.
Item 12: Brokerage Services

      We revised disclosures regarding our relationship with Charles Schwab & Co., Inc.,
(“Schwab”) to:

      Clarify our custodial and brokerage selection practices
      Update disclosures regarding Schwab’s services and compensation structure
      Enhance disclosure regarding best execution and conflicts of interest related to custodial
       relationships

Material Changes
Part 2 of Form ADV                                                      Diversified Portfolios, Inc.

ITEM 7: TYPES OF CLIENTS
       We provide investment management services to individuals, high net-worth individuals,
pension and profit-sharing plans, charitable organizations, corporations, and trusts.

        We impose certain conditions for opening or maintaining an account. Generally, we
require a minimum of $1,000,000 of cash and/or securities to open an account for investment
management services. We will waive this requirement if, for example, you anticipate future
additional assets, have other related accounts, or we have a historical relationship.