Item 5 Fees and Compensation
Portfolio Management Services
Our annual fee for portfolio management services is equal to 3.00% of the market value of your assets
under our management. Assets in each of your account(s) are included in the fee assessment unless
specifically identified in writing for exclusion.
The fee is negotiable. The management fee is charged and collected daily or quarterly in arrears. The
fee is calculated using the Custodian reported account value. The fee is calculated by the Adviser or
the Custodian by multiplying the value of the Account at the end of each period by the annual
management fee, then dividing the result by the number of trading days in the year, and multiplying the
result by the number of trading days in that period.
If the portfolio management 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 will deduct our fee directly from your account through the qualified custodian holding your funds
and securities. We will deduct our advisory fee only when you have given our firm written authorization
permitting the fees to be paid directly from your account. The qualified custodian will deliver an account
statement to you at least quarterly. These account statements will show all disbursements from your
account. You should review all statements for accuracy.
Termination of Advisory Services
A client may terminate services for any reason within the first five (5) calendar days after signing the
portfolio management agreement without any cost or penalty.
Thereafter, the portfolio management agreement may be terminated according to the Investment
Management Agreement upon 30 days written notice to IIV at 2000 PGA Blvd, Suite 4440; Palm
Beach Gardens, FL 33408.
You will incur a pro rata charge for services rendered prior to the termination of the portfolio
management 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.
Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange-traded products. 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 ETPs
(described in each fund's prospectus) to their shareholders. These fees will generally include a
management fee and other fund expenses. You may also incur transaction charges and/or brokerage
fees when purchasing or selling securities. These charges and fees are typically imposed by the
broker-dealer or custodian through whom your account transactions are executed. We do not share in
any portion of the brokerage fees/transaction charges imposed by the broker-dealer or custodian. To
fully understand the total cost you will incur, you should review all the fees charged by mutual funds,
ETPs, our firm, and others. For information on our brokerage practices, refer to the Brokerage
Practices section of this brochure.
Other Fees Paid by Client
In addition to the management fee and performance fee (as described in Section 6, when applicable),
the client may also incur certain charges imposed by unaffiliated third parties. Such charges include,
but are not limited to, custodial fees, brokerage commissions, transaction fees, charges imposed
directly by a mutual fund, index fund, or ETP purchased for the account which shall be disclosed in the
fund's prospectus (i.e., fund management fees and other fund expenses), wire transfer fees and other
fees and taxes on brokerage accounts and securities transactions. IIV does not share in any portion of
the brokerage fees/transaction charges imposed by the Custodian holding the client funds or
securities.
Additionally, advice offered by IIV may involve investments in money market funds. Clients are hereby
advised that all fees paid to IIV for investment advisory services are separate and distinct from the fees
and expenses charged by money market funds (described in each fund's prospectus) to their
shareholders. The client should review all fees charged by money market funds, IIV, and others to fully
understand the total amount of fees to be paid by the client.