Investment Performance Services LLC

ITEM 5: FEES AND COMPENSATION

IPS's investment consulting fees are negotiated based on the specific services provided and
the characteristics of the fund advised. These fees, for which IPS bills quarterly, in arrears,
are either fixed in nature or are calculated as a percentage of the assets with regard to
which IPS consults. Asset-based fees could present a conflict of interest because the
more assets there are in a client’s account the more the client will pay in fees, and IPS
may have an incentive to encourage the client to increase the assets in their account.
Generally, the annual cost of IPS’ services ranges from $50,000 to $1,000,000. IPS
may, in its sole discretion, negotiate or modify fees (higher or lower than the general fee
range) for any client due to a variety of factors, including, but not limited to, a client’s special
circumstances, asset levels, and the type and level of services provided to the client.
Because IPS’ fees are negotiable, the actual fee paid by a client may be lower or higher
than the fees paid by comparable clients receiving similar services.

If a client terminates a consulting agreement before the end of the billing period, the
investment consulting fee will be pro-rated accordingly.

Please note that investment consulting fees paid to IPS do not cover the cost of portfolio
management services provided by underlying investment managers, which is paid to such
managers. In addition to the fees paid to IPS and portfolio management fees paid to other
providers, clients may also incur custodian fees, brokerage fees, and other transaction and
investment expenses in connection with their investment activities. IPS’s trading activities
on behalf of clients are limited to buying and selling mutual funds. Mutual funds have fees
that may vary depending on the fund and the fund share class. For example, mutual funds
could include fund fees pursuant to Rule 12b-1 of the Investment Company Act of 1940,
allowing funds to pay the costs of marketing and distribution (“12b-1 Distribution Fees”),
other shareholder servicing or recordkeeping fees (“Servicing Fees”), in addition to
management fees. These fees will be paid by the client in addition to the fees paid to IPS,
and are disclosed in the applicable fund’s prospectus or offering memorandum.

ITEM 7: TYPES OF CLIENTS

IPS offers its services primarily to institutional funds such as jointly trusteed (Taft-Hartley)
benefit plans, public plans, endowments and foundations, as well as high net worth
individual clients. However, IPS may, in its sole discretion, accept other types of clients as
well.

IPS does not have any minimum requirements (such as minimum account size) to open or
maintain a client account.