ADVISORY FEES

Fees paid by the fund to the investment advisor for managing the portfolio of investments.

  • An expense to the fund, but revenue for the advisor

  • Varies by fund type, strategy, investments and other factors

ADMINISTRATION EXPENSES

Fees paid by the fund for supporting the ongoing operations of the fund. Services include:

DIRECT EXPENSES

Other service provider and activity fees paid by the fund.

  • Audit

  • Custody

  • Fund and Trustee counsel

  • Insurance

  • Shareholder reports

  • Blue Sky State registrations

  • Trustee fees and expenses

Out-of-pocket and miscellaneous expenses include a broad range of typically smaller standard or ad-hoc expenses that include: banking charges, filing fees, indicative data, postage and delivery, and pricing.