USA Swimming
June 2012
ABOUT FIRST WESTERN
•
•
•
•
•
•
•
A unique Western-based private bank offering integrated wealth management
services
Nine (9) locations throughout the western United States
As of January 2012, over $4 billion in assets under management, advice and
administration and over $630 million in bank assets
Inc. 500/5000’s fastest growing companies in 2008, 2009, and 2010, consistently
among the top ranked bank/bank holding company on the list
Best Places to Work – Denver Business Journal, 2008 finalist, Phoenix Business
Journal 2010 finalist
Fastest Growing Private Companies (Flight II) 2009-2010 Denver Business Journal -#4
Who’s Lending? -- Denver Business Journal, 2010- # 1 bank with overall loan and
lease portfolio growth among Denver-based banks
•
Ranked as the #8 Denver-Area Trust Organization, based on the total Colorado
fiduciary assets, according to the Denver Business Journal
•
CoBIZ magazine’s Top Company 2010 Finalist
•
Recipient of Colorado Business Committee for the Arts Philanthropy Award 2011
•
Ranked as the #3 Denver-based Investment Manager by the Denver Business
Journal, 2011
BIOGRAPHY
Katherine Berke, CFP®
Senior Vice President | Senior Portfolio Manager
Experience
Katherine is a responsible for managing client relationships and developing and implementing
custom financial plans. Ms. Berke has more than 17 years of professional experience, including an
extensive background in comprehensive financial planning advisory services. Prior to joining First
Western Trust, she headed her own financial planning firm where she specialized in wealth
accumulation and management, retirement planning and retirement income distribution for her
clients.
Credentials
• MS degree in Management Science from the MIT, Sloan School of Business
• BS degree in Computer and Management Science from Metropolitan State College of Denver
• Carnegie Mellon University, Graduate School of Administration, eCommerce Program
• Series 7 and Series 66 licenses
• Certified Financial Planner®
Involvement
• Board member of the Colorado Women’s Association of Financial Consultants
• Board member of the Denver Business Series
• Active member of the Financial Planning Association
• Volunteer mentor for Junior Achievement’s “Business Week” program
OVERVIEW
LSC Investment Recommendations
•
•
•
Have an investment committee
appointed by the board of directors to
include the LSC Treasurer.
Have a written Investment Policy
Statements (IPS) approved by the
board of directors.
Obtain professional advice at a
reasonable cost. A written service
agreement must clearly state how the
advisor is compensated.
•
Have a diversified portfolio to meet
the IPS’s goals, objectives, and risk
profile.
•
Advisor must be free of any conflicts
of interest (real or perceived) with
members of the board of directors
and investment committee.
Objectives
I.
Fundamentals of Investing
II.
Features of a quality
investment process
III.
What to look for in a
investment advisor
FUNDAMENTALS OF INVESTING
HISTORICAL GROWTH BY ASSET CLASS:
1926-2010
$10,000
Historically Large Cap U.S. Equities have provided superior long-term returns
but . . .
Small Cap Stocks
Compound Annual
Return: 12.1%
$16,055
$2,982
Large Cap stocks
Compound Annual
Return: 9.9%
1,000
Government Bonds
Compound Annual
Return: 5.5%
$93
100
T-Bills Compound Annual
Return: 3.6%
$21
$12
10
Inflation
Compound Annual
Return: 3.0%
1
0.10
1926
1936
Source: Ibbotson Associates. 3/1/2011.
1946
1956
1966
1976
1986
1996
2006
See Disclosure Information at the end of this presentation which are an
integral part of this presentation and each page of the presentation.
HISTORICAL VOLATILITY
. . . the potential for higher returns comes with higher risk.
R e tu r n V a lu e s
6 0 .0 %
5 5 .0 %
5 0 .0 %
4 5 .0 %
4 0 .0 %
3 5 .0 %
3 0 .0 %
2 5 .0 %
2 0 .0 %
1 5 .1 %
1 5 .0 %
1 0 .0 %
7 .1 %
5 .0 %
0 .0 %
- 5 .0 %
- 1 0 .0 %
- 1 5 .0 %
- 2 0 .0 %
- 2 5 .0 %
- 3 0 .0 %
- 3 5 .0 %
- 4 0 .0 %
- 4 5 .0 %
- 5 0 .0 %
Dec
1926
Dec
1930
Dec
1935
Dec
1940
Dec
1945
Dec
1950
Dec
1955
Dec
1960
Dec
1965
Dec
1970
T im e
IA S B B I S & P 5 0 0 T R U S D
Source: Ibbotson Associates. 3/1/2011.
IA S B B I U S IT G o v t T R U S D
Dec
1975
Dec
1980
Dec
1985
Dec
1990
Dec
1995
Dec
2000
Dec
2005
Dec
2010
REDUCTION OF RISK OVER TIME
1926–2010
Small stocks
Large stocks
Government bonds
Treasury bills
150%
120
90
60
30
Compound
annual return:
12.1%
9.9%
5.5%
3.6%
0
-30
-60
1-year
5-year
Holding period
20-year
1-year
5-year
20-year
1-year
5-year
20-year
1-year
5-year
20-year
Past performance is no guarantee of future results. Each bar shows the range of compound annual returns for each asset class over the period 1926–2010. This is for illustrative purposes only and not indicative of any investment. An investment
cannot be made directly in an index. © 2011 Morningstar, Inc. All rights reserved. 3/1/2011
WHAT IS INVESTMENT RISK?
• Permanent
Impairment of
Capital
• Liquidity
• Inflation
PERMANENT IMPAIRMENT OF CAPITAL
•
•
•
•
•
•
•
Business Failure
Counterparty
Fraud
Regulatory
Credit/Default
Interest Rate
Failed Trading
Strategies
LIQUIDITY RISK
•
•
•
•
•
Regulatory
Leverage
Credit/Default
Equity Volatility
Counterparty
INFLATION
Annual Returns: 1946-2010
12.0%
10.7%
10.0%
8.0%
6.0%
4.0%
3.9%
4.4%
2.0%
0.0%
Inflation
Cash
S&P
DIVERSIFYING AWAY RISK
• Example of five
equity funds
• Correlations
• Building an efficient
portfolio
VALUE OF DIVERSIFICATION 1996-2011
1996
REAL ESTATE
35.26
1997
1998
1999
2000
2001
LARGE CAP LARGE CAP SMALL CAP
SMALL CAP
REAL ESTATE
VALUE
GROWTH
VALUE
GROWTH
26.35
35.18
43.09
14.03
38.71
2002
BONDS
10.26
2003
2004
SMALL CAP
REAL ESTATE
GROWTH
31.57
48.54
2005
2006
2007
2008
INT’L
REAL ESTATE
LARGE CAP
GROWTH
BONDS
14.02
35.06
LARGE CAP
LARGE CAP SMALL CAP
SMALL CAP
REAL ESTATE
LARGE CAP LARGE CAP
REAL ESTATE REAL ESTATE SMALL CAP
GROWTH
GROWTH
VALUE
VALUE
12.15
32.85
3.81
47.25
13.93
27.02
23.12
33.16
22.83
22.25
LARGE CAP
22.45
SMALL CAP
VALUE
31.78
INT’L
INT’L
BONDS
BONDS
20.33
27.30
11.63
8.44
SMALL CAP SMALL CAP
VALUE
VALUE
-11.43
LARGE CAP LARGE CAP LARGE CAP
LARGE CAP
LARGE CAP
SMALL CAP
SMALL CAP
VALUE
GROWTH
VALUE
VALUE
VALUE
21.26
2.49
21.64
30.49
7.01
-15.52
15.63
SMALL CAP
SMALL CAP
VALUE
22.36
21.37
SMALL CAP REAL ESTATE
16.49
20.29
BONDS
8.69
BONDS
6.36
9.65
BONDS
INT’L
3.63
2.06
20.91
-3.02
LARGE CAP
VALUE
-5.59
INT’L
39.17
INT’L
REAL ESTATE
-15.66
37.14
20.70
INT’L
26.86
11.63
6.27
LARGE CAP
VALUE
22.25
BONDS
6.97
2011
LARGE CAP SMALL CAP
REAL ESTATE
GROWTH
GROWTH
8.28
37.21
29.09
SMALL CAP SMALL CAP
REAL ESTATE
GROWTH
VALUE
27.95
34.47
-28.92
LARGE CAP SMALL CAP SMALL CAP
SMALL CAP
VALUE
VALUE
GROWTH
-33.79
7.05
23.48
7.05
SMALL CAP LARGE CAP
18.33
INT’L
5.24
2010
INT’L
SMALL CAP
32.46
26.85
BEST
PERFORMANCE
BONDS
7.84
LARGE CAP
GROWTH
2.64
SMALL CAP
LARGE CAP
LARGE CAP
LARGE CAP
VALUE
VALUE
28.43
1.50
24.50
-36.85
LARGE CAP LARGE CAP
LARGE CAP LARGE CAP
SMALL CAP LARGE CAP LARGE CAP REAL ESTATE
GROWTH
GROWTH
VALUE
VALUE
27.99
5.77
18.37
-37.60
16.71
5.26
16.49
0.39
LARGE CAP SMALL CAP SMALL CAP
SMALL CAP
SMALL CAP LARGE CAP
LARGE CAP
SMALL CAP
LARGE CAP
SMALL CAP
LARGE CAP
REAL ESTATE SMALL CAP LARGE CAP
VALUE
VALUE
GROWTH
GROWTH
GROWTH
VALUE
VALUE
GROWTH
27.17
-7.79
-20.49
15.46
-37.73
16.10
7.35
30.03
-9.23
14.31
1.23
-0.17
4.71
-2.91
SMALL CAP SMALL CAP
SMALL CAP
GROWTH
GROWTH
-2.55
11.26
12.95
INT’L
LARGE CAP SMALL CAP
46.03
INT’L
11.81
2009
BONDS
INT’L
-0.82
-13.96
LARGE CAP SMALL CAP LARGE CAP
LARGE CAP LARGE CAP LARGE CAP LARGE CAP SMALL CAP SMALL CAP SMALL CAP
SMALL CAP
VALUE
GROWTH
VALUE
GROWTH
-21.65
29.89
4.55
-12.45
11.40
-1.57
-4.18
13.35
20.58
-38.44
15.51
SMALL CAP SMALL CAP LARGE CAP LARGE CAP LARGE CAP LARGE CAP LARGE CAP SMALL CAP LARGE CAP SMALL CAP SMALL CAP LARGE CAP
VALUE
VALUE
VALUE
GROWTH
GROWTH
GROWTH
GROWTH
GROWTH
GROWTH
GROWTH
GROWTH
VALUE
-6.45
-1.49
REAL ESTATE REAL ESTATE
-17.51
-4.62
INT’L
8.21
SMALL CAP
VALUE
-22.42
-20.42
-27.89
29.75
6.30
4.15
9.07
-9.78
-38.54
19.69
SMALL CAP
GROWTH
INT’L
SMALL CAP
GROWTH
BONDS
BONDS
BONDS
BONDS
REAL ESTATE
INT’L
BONDS
BONDS
INT’L
4.10
4.34
2.43
4.33
-15.69
-43.06
5.93
6.54
-12.14
-22.43
-21.21
-30.26
-5.50
Please note that this chart is based on past index performance and is not indicative of future results. Indexes are unmanaged and cannot be invested in directly. Index performance
does not include fees and expenses an investor would normally incur when investing in a mutual fund. Diversification and strategic asset allocation do not assure profit or protect
against loss in declining markets.
WEAKEST
PERFORMANCE
VALUE OF DIVERSIFICATION 1996-2011
SOURCES:
Large Cap
Russell 1000® Index
Large Cap Growth
Russell 1000®
Growth Index
Large Cap Value
Russell 1000®
Value Index
Measures the
performance of those
Russell 1000® Index
securities with higher
price-to-book ratios and
higher forecasted growth
values, representative of
US securities exhibiting
growth characteristics.
Measures the
performance of those
Russell 1000® Index
securities with lower
price-to-book ratios and
lower forecasted growth
values, representative of
US securities exhibiting
value characteristics.
Small Cap Value
Russell 2000®
Value Index
International
MSCI® EAFE Index
Real Estate
NAREIT Equity
REIT Index
Measures the
performance of those
Russell 2000® Index
securities with lower
price-to-book ratios and
lower forecasted growth
values, representative of
US securities exhibiting
value characteristics.
An index, with dividends
reinvested,
representative of the
securities markets of
twenty developed
market countries in
Europe, Australasia, and
the Far East.
Measures the
performance of the 1,000
largest companies in the
Russell 3000® Index,
representative of the US
large capitalization
securities market.
An index, with dividends
reinvested,
representative of taxqualified REITS listed on
the New York Stock
Exchange, American
Stock Exchange, and the
NASDAQ National Market
System.
Small Cap
Russell 2000® Index
Measures the
performance of the 2,000
smallest companies in
the Russell 3000® Index,
representative of the US
small capitalization
securities market.
Bonds
Barclays Capital U.S.
Aggregate Bond Index
An index, with income
reinvested, generally
representative of
intermediate-term
government bonds,
investment-grade
corporate debt securities,
and mortgage-backed
securities.
Small Cap Growth
Russell 2000®
Growth Index
Measures the
performance of those
Russell 2000® Index
securities with higher
price-to-book ratios and
higher forecasted growth
values, representative of
US securities exhibiting
growth characteristics.
MORE FUNDS DO NOT ALWAYS MEAN
GREATER DIVERSIFICATION
Identifying potential security overlap
Equity portfolio A
Core
Core-growth High-growth
Deep-value
Large
Mid
Small
Micro
Micro
Small
Mid
Large
Giant
Core-value
Giant
Deep-value
Equity portfolio B
Source: Morningstar, 2011.
Core-value
Core
Core-growth High-growth
EFFICIENT FRONTIER
• The theoretical maximum return for a portfolio of
risky assets for a given level of “risk”.
• The theoretical minimum “risk” for a portfolio of
risky assets for a given level of return.
• Frontier incorporates assumptions about risk and
return that can be derived from historical data or
developed using other methods.
CORRELATIONS: 1926-2010
REITs, Commodities,
Real Return
Traditional Equities
Large Cap
Mid Cap
Small Cap
Intl
Emerg. Mkts
REITs
Cmdty
Real Return
High Yield
Corporates
BC Agg
US IT Govt
Cash
Large
Small
Mid Cap
Cap
Cap
1.00
0.91
0.83
1.00
0.61
Emerg.
Mkts
0.66
0.57
0.27
Real
Return
0.28
0.86
0.62
0.69
0.62
0.32
0.30
1.00
0.50
0.65
0.64
0.25
1.00
0.68
0.45
1.00
Intl
Bonds
0.26
0.24
US IT
Govt
0.08
0.60
0.29
0.19
0.03
0.01
0.23
0.70
0.16
0.12
0.02
(0.04)
0.40
0.29
0.45
0.24
0.16
0.04
(0.03)
0.42
0.39
0.24
0.55
0.20
0.01
(0.18)
(0.04)
1.00
0.23
0.11
0.54
0.23
0.17
0.03
(0.04)
1.00
0.37
0.29
0.22
0.03
(0.06)
-
1.00
0.23
0.23
0.05
(0.04)
0.23
1.00
0.51
0.48
0.23
-
1.00
0.76
0.66
0.06
1.00
0.93
0.13
1.00
0.20
REITs
Cmdty
High
Yield
0.65
Corp
BC Agg
Cash
(0.01)
1.00
STOCKS AND BONDS: RISK VERSUS RETURN
Return
60% Stocks, 40%
Bonds
50% Stocks, 50% Bonds
Minimum risk portfolio:
28% Stocks, 72% Bonds
100% Bonds
Risk
80% Stocks, 20%
Bonds
Maximum risk
portfolio:
100% Stocks
EQUITY RETURNS
An eventful three years!
2010
Calendar Year S&P 500
Returns: 1926-2010
2008
1937
1931
-50%
2002
1974
1930
-40%
-30%
2001
1973
1966
1957
1941
-20%
2000
1990
1981
1977
1969
1962
1953
1946
1940
1939
1934
1932
1929
2006
2004
1993
1988
1986
1979
1972
1971
1968
1965
1964
1959
1952
1949
1944
1926
2007
2005
1994
1992
1987
1984
1978
1970
1960
1956
1948
1947
-10% x 0%
10%
2009
2003
1999
1998
1996
1983
1982
1976
1967
1963
1961
1951
1943
1942
20%
1997
1995
1991
1989
1985
1980
1975
1955
1950
1945
1938
1936
1927
30%
1958
1935
1928
40%
1954
1933
50%
60%
Rates of Return
•
•
•
•
Staying the course through 2008 was challenging, but rewarding for investors who persevered
Average calendar year return of 12%
Note the distribution of returns to the right of 0%
Trying to time the market to experience only positive years is very challenging
Indexes are unmanaged and cannot be invested in directly.
Returns represent past performance, are not a guarantee of
future performance, and are not indicative of any specific investment.
FEATURES OF A QUALITY INVESTMENT
PROCESS
INVESTMENT PROCESS
Create and Implement an Investment Policy Statement
Asset
allocation
Manager
research
Portfolio
construction
Thorough understanding of capital market behavior
Consideration of the available asset classes
Well defined objectives and financial goals
Broad coverage of available opportunities
Access and perspective
Combination of qualitative and quantitative analysis
Effectively capture intended asset class exposure
Focus on consistent return drivers
Management of unrewarded risks
Avoid areas of performance slippage
Implementation
Managed explicit and implicit costs
Utilize unique insights to add value
ASSET ALLOCATION
• Why Do We Do It?
• What Is It?
• How Do We Do It?
BROAD ASSET ALLOCATION
STOCK TO BOND RATIO
Real Estate
4%
Fixed
Income
44%
Cash
1%
Equities
51%
EQUITY ASSET ALLOCATION
Real Estate
4%
Cash
1%
US Small Cap
Equities
6%
International
Developed
19%
Equities
51%
US Large Cap
Equities
19%
Fixed Income
44%
Emerging
Markets
7%
FIXED INCOME ASSET ALLOCATION
Real Estate
4%
Investment Grade
Fixed Income
42%
Cash
1%
Fixed Income
44%
Equities
51%
High Yield Bonds
2%
MANAGER SELECTION PROCESS
Universe
Initial Screen
Quantitative Analysis
Over 135,000 open-ended funds and over
10,000 separately managed accounts
within the Morningstar Direct universe.
Investment category, asset size of product,
manager tenure, expense ratio & consistency
to style.
Rank based on performance parameters (Riskadjusted return, upside/downside capture,
category rank, consistency of performance.
Qualitative Analysis
Analyze investment philosophy & style, manager
compensation structure, firm reputation.
Final Selection
Final selection is determined by the Investment Policy
Committee, taking into account the criteria listed above.
MULTI MANAGER
No one is best at everything
% Outperformance by
Individual Event Champion
40
35
30
25
20
15
10
5
0
Event
100m
Long
Jump
Shot
Put
High
Jump
400m
110m Discus
Hurdles
Pole
Vault
Javelin
1500m
Olympic
Champion
9.69s
8.34m
21.51m
2.36m
43.75s
12.93s
68.82m
5.96m
90.57m
Decathlon
Champion
10.44s
7.78m
16.27m
1.99m
48.92s
13.93s
53.79m
5.00m
70.97m 5:06.59
Source: Beijing 2008 Olympic Games
3:32.94
RUSSELL BY THE NUMBERS
Best Multi-Manager
of the Year
Russell has one of the most effective due diligence practices in the
consulting industry, according to a 2012 FundFire survey of more than
50 consultant relations specialists.
Voted Top in
Due Diligence
Received Top Marks
In Every Category
› U.S. $155 billion assets under
management*
› 1,900 associates globally
› 24 offices worldwide
For the fifth time in six years, Russell has been recognized as the
“Best Multi-Manager of the Year” at the Global Pensions Awards.
Russell received “Top Marks” in every category* in 2011 – for the
sixth year in a row – in the transition management survey conducted
by Global Investor magazine.**
› Over 6,000 investment products researched
› As a consultant to some of the largest pools of
capital in the world, Russell has over $2 trillion
in assets under advisement (as of 12/31/2011).
Unless otherwise indicated, all data is as of December 31, 2011. * As of 3/31/2012
The awards shown here do not pertain to specific mutual funds referenced in this presentation.
**Global Investor “Top Marks” categories include: project management, operational efficiency, pre trade analysis, trading / execution, risk management, reporting during
transition, post trade analysis, accuracy of pre trade analysis, transparency of fees and costs, relationship management, overall service.
29
RUSSELL MONEY MANAGERS
Russell U.S. Core Equity
Growth
Market-oriented
Value
BlackRock Capital Management, Inc.
Columbus Circle Investors
Sustainable Growth Advisers, LP
Lazard Asset Management, LLC
Suffolk Capital Management, LLC
Institutional Capital, LLC
Schneider Capital Management
Corporation
Snow Capital Management L.P.
Aronson+Johnson+Ortiz, L.P.
INTECH Investment Management, LLC
Jacobs Levy Equity Management, Inc.
Numeric Investors, LLC
PanAgora Asset Management, Inc.
Russell U.S. Quantitative
Equity
Russell U.S. Small Cap
Equity1
EAM Investors, LLC
Falcon Point Capital, LLC
Next Century Growth Investors, LLC
Ranger Investment Management, L.P.
ClariVest Asset Management, LLC
PENN Capital Management Company, Inc.
Chartwell Investment Partners
DePrince, Race & Zollo, Inc.
Huber Capital Management LLC
Jacobs Levy Equity Management, Inc.
Signia Capital Management, LLC
Russell Int’l Developed
Equity
Axiom International Investors, LLC
Driehaus Capital Management, LLC
Marsico Capital Management, LLC
William Blair & Company, LLCAQR Capital
Management, LLC
MFS Institutional Advisors, Inc.
AQR Capital Management, LLC
MFS Institutional Advisors, Inc.
del Rey Global Investors, LLC
Mondrian Investment Partners Limited
Pzena Investment Management, LLC
UBS Global Asset Management
(Americas), Inc.
Arrowstreet Capital, Limited Partnership
Genesis Asset Managers, LLP
Harding Loevner, LP
Victoria 1522 Investments, LP
AllianceBernstein, L.P.
Delaware Management Company
(a series of Delaware Management
Business Trust)
Russell Emerging
Markets
Global Market Oriented
Russell Global Real
Estate Securities
AEW Capital Management, L.P.
Cohen & Steers Capital Management, Inc.
INVESCO Advisers, Inc., through INVESCO
Real Estate Division
Money managers listed are current as of 03/31/12. Subject to the fund's Board approval, Russell has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an
exemptive order from the Securities and Exchange Commission. Investments in the Funds are not deposits with or other liabilities of any of the money managers and are subject to investment risk, including
loss of income and principal invested and possible delays in payment of redemption proceeds. The money managers do not guarantee the performance of any Fund or any particular rate of return.
1 Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks.
PORTFOLIO CONSTRUCTION SUMMARY
Manager selection
Portfolio construction
• Primary source of excess return
• “Best of breed” security pickers
• Specific opinions for individual
investment managers
• Asset class specialists
• Source of improved consistency
• Limit uncompensated risk
• Diverse and complementary
sources of excess return
• Low return correlations*
*Correlation is a statistical measure of how two variables move in relation to each other.
CUSTOMIZING A PORTFOLIO
Balanced
Portfolio
Asset
Allocation
Implementation
Stocks
Bonds
Small Cap
Mid Cap
Large Cap
Major Foreign Markets
Emerging Markets
Investment Grade Taxables
High Yield
Muni
Global
Risk
Management
Cash
Management
Alternatives
CDARs
Money Market
Commodities
REITS
Manager
Selection
WHAT TO LOOK FOR IN AN
INVESTMENT ADVISOR
PORTFOLIO MANAGEMENT OBJECTIVES
• Manage portfolio strategies that effectively represent asset classes
and risk profiles
• Captures value added from
research inputs
• Combine premier managers
with complementary
investment portfolios
• Manage risks that offer
no long-term rewards
• Generate above-average
returns with long-term consistency
Core
Neutral
High
Yield
Consistent
Growth
Earnings
Momentum
Core
Growth
Core
Value
Low
P/E
FIRST WESTERN APPROACH
Determine goals
and objectives
Develop optimal
asset allocation to
achieve goals and
objectives
Monitor and
update goals and
objectives
Fiduciary
Oversight
Actively manage
investment
portfolio
FIRST WESTERN FEE STRUCTURE
LSC Investment Size
Solution Fee Structure
Fees
IPS
$100-$250,000
Investment Mgmt Fee
Average LifePoints Fund
Total Approx. Fee
.50%
1.03%
1.53%
Stand alone
$250-$750,000
Investment Mgmt Fee
Average Fund Expense
Total Approx. Fee
.75%
.77%
1.52%
Master
Over $750,000
Investment Mgmt Fee
Average Fund Expense
Total Approx. Fee
.75%
.77%
1.52%
Stand alone
QUESTIONS?
