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How are fund expense levels determined?

There are three elements to fund expenses:

  1. The sub-advisor fee that is individually negotiated with each sub-advisor.
  2. Our fee which starts at 0.40% and declines when each fund reaches its closing level. The combination of our fee and the sub-advisors’ fees equal the total management fee.
  3. The operating expenses, which are a function of economies of scale as assets grow and our ability to negotiate attractive contract rates with our vendors.

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