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Comprehensive Reporting

A key component of the monitoring process is the comprehensive reports that we provide to our clients. The reports were developed internally and are designed to analyze a range of investment issues in an easy to follow format. While there are many facets to effective monitoring, the reports that we provide to our clients are a critical element.

Quarterly Reporting

Shortly after the end of each quarter, IPEX clients receive a comprehensive package of reports and graphs that are customized to fit the needs of their particular investment program. Our quarterly reports address a broad scope of issues, including cash flow, return, risk, allocation and style.

Executive Summary

Each quarter’s reports also contain an Executive Summary. The document is prepared in a narrative format for ease of view. The Executive Summary recaps the account’s recent performance and current positioning, notes the account’s status in relation to the parameters set forth in the Investment Policy Statement, and contains evaluations and recommendations from IPEX. The Executive Summary also contains relevant administrative information to assist the client in addressing operational issues.

Custodian Based Reporting

IPEX bases our performance calculations on information provided by the account’s custodian. This approach ensures that we will use the same underlying security prices and market values as the custodian, and minimizes the possibility of there being any significant disparities between the information contained in our reports and the custodian reports.

Multiple Reporting Formats

IPEX produces reports that analyze both individual accounts and combined accounts that utilize multiple money managers. In the case of multiple managers, the reports analyze the managers on a combined basis, as one account, and side by side, to facilitate comparisons between multiple managers that are managing different portions of an investment program.

Customized Benchmarks

IPEX relies heavily on comparison benchmarks to evaluate a money manager’s relative performance. These benchmarks are included in our performance, style and risk reports. We select benchmarks based upon the manager’s historical investment style and the client’s objectives.

Manager Universe Comparisons

IPEX also compares the performance of an individual manager to a peer group of managers that has a similar investment style. This information helps clients to assess their manager’s performance in relation to the real investment world and actual market conditions.

Investment Reporting Standards

IPEX clients receive the benefit of performance reporting that is based on accepted industry norms. Our reports comply with the Performance Reporting Standards adopted by the Investment Management Consultant’s Association and the reports meet the mandatory requirements of those standards. IMCA is not involved with the preparation of the IPEX reports.

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