Page 127 - FebDefComp

Disclosures Expense Ratio is the percentage of fund assets paid for operating expenses and management fees as per a fund’s most recent prospectus. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal, organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does not reflect the fund’s brokerage costs or any investor sales charges. Annual Fund Gross Expense Ratio does not reflect any fee waivers in effect during the time