Item 5 Fees and Compensation
ETF FUND UNIFIED MANAGEMENT FEES
IP will be providing investment management for IPDP and IPPP. IP will charge a unified management
fee as a percent of fund net asset value as set forth in each funds' prospectus. Our compensation will
be paid on a monthly basis from the fund accountant, U.S Bancorp Fund Services, LLC. These and
other fees charged by the funds are described in each funds’ prospectus and SAI.
MODEL PORTFOLIO MANAGEMENT
The maximum advisory fee for the Model Portfolio Management is 0.75% based upon assets under
management. Our fees are billed quarterly, in advance, at the beginning of each calendar quarter
based upon the market value of the account assets (including cash) on the last trading day of the
previous quarter. All inflows and outflows from the previous quarter in excess of $20,000 are reflected
as a pro-rated fee adjustment on the current quarter’s invoice. If services are initiated or terminated at
any time other than the beginning or end of a calendar quarter, fees will be pro-rated.
Fees may be negotiated depending on a client’s special circumstances such as asset levels, service
requirements, or other factors. In some cases, IP may agree to offer clients a fee schedule that is
lower than that of other comparable clients in the same investment model or there may be historical
fee schedules with longstanding clients that differ from those applicable to new client relationships. IP
reserves the right to waive all or a portion of its management fee at any time.
MODEL MARKETPLACE FEES
Advisor is paid a quarterly fee based upon a percentage of assets under management by model
marketplace platforms to provide investment management services. Fee is in the range of fees
charged by Advisor for Model Marketplace Services.
PRIVATE FUND
The fee schedule for the Private Fund is set forth in offering memorandum. IP and/or its affiliates
reserves the right to waive some or all fees for certain investors in the Private Fund, including investors
affiliated with IP. The terms set forth in these documents, such as management fees, performance
fees, withdrawal and redemption conditions, and information rights, may be negotiable and varied at
IP’s and/or its affiliates discretion, under side letters depending on the size of the proposed investor,
type of investor, and special legal requirements applicable to the proposed investor.
In addition, certain operating and other expenses are borne by the Private Fund and thus are paid by
the fund’s investors. These are expected to include:
• Legal, accounting, bookkeeping, tax compliance, auditing, consulting and other professional;
• Administration fees and other expenses charged by or relating to the services of third-party
providers of administration services;
• Bank service, custodial and similar fees;
• Brokerage expenses, fees and commissions; and
• Other miscellaneous expenses as deemed necessary and proper by the fund’s general partner.
Investors in the Private Fund will pay some or all of the above fees. Before investing in the fund,
investors should review fund documents, such as the private placement memorandum, to understand
the fees that may be applicable to their particular investment.
Additional Fees & Expenses
The Advisory Fees are separate and distinct from a number of other expenses that the accounts will
incur, including:
• Brokerage and Investment Expenses
• Investment Company Expenses
• Custodial Expenses
Brokerage and Investment Expenses
As used in this Brochure, the term “Brokerage and Investment Expenses” refers to the following:
• commissions, ticket charges, and other fees charged by brokers (including the Custodians) who
execute securities transactions for the account on an agency basis;
• mark-ups, mark-downs, or other spreads included in the amount charged by or paid to a dealer
for securities bought or sold on a principal basis, and underwriting fees, dealer concessions, or
related compensation in connection with securities acquired in underwritten offerings;
• odd lot differentials, transfer or other taxes, floor brokerage fees, exchange fees, service and
handling fees, electronic fund or wire transfer fees, costs of exchanging currencies, and
postage and delivery expenses; and
• costs of cash management services (including for “sweep” arrangements of idle cash into bank
deposit accounts or money market mutual fund accounts), and direct and indirect fees for other
financial or investment services provided by brokers or custodians.
Advisor does not receive any of the Brokerage and Investment Expenses. Please refer to Item 12 for
additional information about our brokerage practices and costs.
Investment Company Expenses
Mutual funds, money market funds, ETF’s, variable annuities, and UIT’s (all referred to as a “fund”)
deduct from their assets the internal management fees, operating costs, and investment expenses
they incur to operate the fund, and the administrative and mortality costs of the variable annuity. These
internal expenses also include recordkeeping fees, and transfer and sub-transfer agent fees, among
others. All of these represent indirect expenses that are charged to the fund’s shareholders.
Frequently, these internal expenses also include "Distribution Fees." These amounts are deducted
from the fund’s assets to compensate brokers who sell fund shares, as well as to pay for advertising,
printing and mailing prospectuses to new investors, and printing and mailing sales literature. Mutual
fund internal expenses also commonly include “Shareholder Service Fees" which are amounts
deducted from the fund’s assets to pay the costs of responding to investor inquiries and providing
investors with information about their accounts.
Distribution Fees and Shareholder Service Fees are referred to collectively as “12b-1 Fees,” named
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