Ulland Investment Advisors LLC

Item 5: Fees and Compensation
A. Advisory Fees

Management fees are based on the market value of portfolio assets as determined by Ulland Investment
Advisors.

For new accounts, Ulland Investment Advisors’ Intelligent Fixed Income, Intelligent Fixed Income IG,
Defensive Growth and Intelligent Blend strategies are charged the following tiered rate: for amounts up
to $2 million the fee is 1.00 percent annually; for additional amounts greater than $2 million but less
than $5 million the fee is reduced to 0.75 percent on those funds, annually; for additional amounts
greater than $5 million the fee is further reduced to 0.50 percent on those funds, annually. Ulland
Investment Advisors’ Intelligent Fixed Income GOV strategy is billed at a flat rate 0.25 percent, annually.

Ulland Investment Advisors has in the past and can in the future negotiate the amount and payment of
fees in large accounts or in any account for other reasons such as competition. Fees are subject to
change on written notice.

B. Payment of Fees

Fees can be deducted directly from the client’s account or can be paid outside of the account by the
client. The method of fee payment is based on client preference. Fees are paid quarterly in advance.
Fees do not include brokerage fees or custodian charges.

C. Other Fees or Expenses

Within the scope of Ulland Investment Advisors’ management services, clients will incur brokerage fees
(commissions) and other transaction costs, such as mutual fund expenses and custodian fees (money
transfer fees, account transfer fees, etc.), the extent of which will depend upon the investments held,
trading activity and chosen custodian.

D. Advance Payment of Fees

Management fees are based on the market value of portfolio assets as of the last day of the quarter.
Fees are billed forward based on a 90-day quarter.

Refunds are made in the case of termination of the account, within 30 days of the termination date. The
calculation of the refund is on a 90-day quarter with the refund computed on days of prepaid services
not performed, less a $95 account closing fee. De minimis fluctuations in assets deposited for
management throughout a quarter will not be subject to fee proration on a daily or monthly basis.

E. Additional Fee Compensation

Ulland Investment Advisors earns fee income from investment advisory services based on a percentage
of assets under management. Ulland Investment Advisors does not earn fee income from hourly work
charges, commissions, fixed fees, subscription fees or any other forms of business/work.

       This part of Form ADV gives information about the investment adviser and its business for the use of clients.         5
                     The information has not been approved or verified by any governmental authority.

Form ADV Part 2                                Ulland Investment Advisors, LLC                                         6/8/2026

Item 7: Types of Clients
Ulland Investment Advisors provides investment supervisory services to the following clients: (1)
individuals, (2) banks or thrift institutions, (3) investment companies, (4) pension and profit sharing
plans, (5) trusts, estates, or charitable organizations, (6) corporation or business entities other than
those listed above, (7) and other clients, such as private investment companies, limited partnerships,
private limited liability companies, common trust funds or similar entities organized by banks or trust
companies.