We wanted to let you know we are making some minor adjustments in some of your investments to lower the overall managerial costs. In several funds we’ve begun moving from the A shares to the I shares. We are making this move as the Institutional shares carry a lower Net Expense Ratio (from .25% to .50%), which is significant.
To get the lower fees either the client or the advisor must have reached a minimum investment in the fund to qualify. With most funds that minimum investment is $1 million. Being able to aggregate funds and qualify for the lower rate is a benefit we receive from using TD Ameritrade as our custodian. Outside of the lower fee, the fund is exactly the same in every other regard.