IPEX provides comprehensive account monitoring services on an ongoing basis, beginning with the inception of a client relationship. While the vast majority of the monitoring services that IPEX performs are conducted internally by IPEX personnel, at various times the monitoring process may also include the client, the custodian and the money manager. The services set forth below outline the steps that IPEX regularly performs to help ensure the integrity of all aspects of a client's investment program.

On a monthly basis, IPEX reconciles each account to the custodian statement to ensure the accuracy of the IPEX reports. Specifically, IPEX personnel focus on all items that can impact the account's market value, including the account's current positions, cash flows, transaction activity and expenses. In the process of extracting this information, IPEX reviews the statement for any errors, anomalies or inconsistencies. Discrepancies are researched and resolved. All relevant information is entered into the IPEX reporting system and reflected in the next quarter's reports. 

On a quarterly basis, IPEX prepares a comprehensive set of investment reports that analyze all aspects of each account, and provides copies of the reports to the representatives of the client. Following the transmittal of the reports, a representative of IPEX discusses the performance of the accounts with the designated representative of the client. These quarter-end discussions represent the minimum personal contact that IPEX has with clients. As IPEX believes in proactive investment consulting, IPEX contacts clients throughout the quarter whenever any important issue arises. Furthermore, IPEX conducts an internal quarterly review of all accounts. Each of the firm's principals contributes to the review process from the perspective of their distinct responsibilities. IPEX documents the findings of these reviews and then schedules appropriate follow up action as warranted. As part of the quarterly review IPEX also monitors each account's investment parameters, notes any discrepancies and discusses any critical variances with the manager and the client. 

On an annual basis, IPEX reviews the Investment Policy Statement and asset allocation for each account and sub-account in light of the account's current positioning and any changes in investment policy that may have taken place over the previous year. IPEX then discusses the current Statement with the client to determine if modifications to the document are in order. If any modifications are deemed to be appropriate, IPEX will then prepare a formal amendment incorporating all relevant changes.