As the investment world continues to evolve, many of the fund companies &
custodians are continually reducing the internal fees of their products
to be more competitive in the marketplace. Exchange Traded Funds
(ETF) offer some of the lowest cost options available to investors. Over
recent years we have continued to implement their use into our
portfolios. As mutual funds try to remain competitive we are seeing
additional share classes come available. These additional share classes
are managed in the same way but offer lower internal fees.

As we continually assess and evaluate our portfolios, we are adding these new
options when they come available to take advantage of these reduced fees for our clients. In recent months, this has created more activity in some accounts than we have had in the past. This is a good thing, and as the marketplace continues to get more competitive, the focus on reducing internal fund costs and adding additional fund classes will continue to push trading within our accounts and portfolios.