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	"Expense ratio" Definition
		The expense ratio does not include brokerage costs for trading the portfolio, although these are reported as a percentage of assets to the S.E.C. by the funds in a Statement of Additional Information (SAI).
		Expense ratio - The percentage of the assets that were spent to run a mutual fund (as of the last annual statement).
		Expense ratio : the percentage of the assets that were spent to run a mutual fund (as of the last annual statement).
	level2.ru /dictionary/e/expense_ratio.html (375 words)

	Investment Management: Report on Mutual Fund Fees and Expenses
		We believe, therefore, that when an expense analysis includes the relationship between funds' expense ratios and their asset sizes, it is appropriate to evaluate the asset-size of multi-class funds at the fund level.
		Weighting expense ratios by class size, we find that the expense ratio of the average class rose from 0.73% in 1979 to 0.99% in 1995, fell in 1996, 1997 and 1998 to 0.91%, and then rose to 0.94% in 1999.
		The average expense ratio (weighted by asset size) of classes that have been in existence 5 years or less is 1.23%, compared to 1.10% for classes in existence between 6-10 years, and 0.80% for classes in existence for more than 10 years.
	www.sec.gov /news/studies/feestudy.htm (15107 words)

	Fool.com: Mutual Funds -- Costs -- Expense Ratios
		The nifty thing about the expense ratio is that it wraps all these various costs and expenses into one number so that you don't have to do a lot of math.
		With an expense ratio of 1.5%, a mutual fund is cutting itself in on 1.5% of the total money in the fund every year.
		For actively managed funds, the average expense ratio is rising as funds shift fees away from the up-front loads that they know are driving sales away, and into the annual expense ratios where they are more easily hidden.
	www.fool.com /school/mutualfunds/costs/ratios.htm (1005 words)

	Brokerage may affect MFs expense ratio - Sify.com
		Expense ratio is a mutual fund's total expenses expressed as a percentage of its average corpus through the year and they measure the charges made against the income earned by the schemes.
		Expense ratios are capped at 2.5 per cent (of the corpus) for equity schemes and 2.25 per cent for debt schemes.
		Expense ratios typically go up when the corpus goes down, and funds have seen their expense ratios mount recently with some of the fund houses facing severe redemptions.
	sify.com /finance/mf/fullstory.php?id=13698182 (429 words)

	Expense Ratio (Site not responding. Last check: 2007-10-05)
		Expense Ratio : The sum of general insurance expenses, direct commissions, and net commissions and expense allowances on reinsurance assumed and ceded, as a percentage of net premiums and annuity and fund deposits.
		The percentage of total fund assets that is used to cover expenses associated with the operation of a mutual fund.
		The operating expenses are the expenses that the fund incurs through operation and this can include brokerage fees, taxes, investor services, and interest expenses.
	www.easyinsuranceleads.com /insurance-glossary/expense-ratio.htm (218 words)

	FinancialCounsel.com: Articles
		Given that expense ratios are a reality, one of the aims of this article was to "benchmark" expense ratios over a five year period from 1998-2002.
		For example, the average turnover ratio for the 144 large cap value funds in the study during the two year period of 2001-2002 (shown in Figure 1 as "Period Two") was only 11% higher than the average turnover ratio for the same funds during the two year period from 1998-1999 ("Period One").
		A striking conclusion from the data in Figure 1 is that there was not a pronounced downward trend in expense ratios among domestic equity funds during the five year period ending in 2002.
	www.financialcounsel.com /Articles/Investment/ARTINV0000137-MutualFundCostFactors.asp (1623 words)

	FPA Journal - Mutual Fund Expense Ratios: How High is Too High? (Site not responding. Last check: 2007-10-05)
		Investors need to know how low a mutual fund's expense ratio must be for it to have a beneficial effect on their portfolios; they need to know how high the expense ratio can be before it eliminates the anticipated increase in the portfolio's expected risk-adjusted return.
		Furthermore, expenses on average lower differential return by the amount of the expenses, since differential return goes down by 0.999 percent for every one percent increase in expenses." Note that Elton et al.'s (2003) definition of differential return is the negative of this paper's definition.
		If the fund's expense ratio were adjusted upward to reflect the sales commission (perhaps by allocating it across a typical anticipated holding period of, perhaps, five years), the fund would still be worth it in the example.
	www.fpanet.org /journal/articles/2004_Issues/jfp0904-art6.cfm (4445 words)

	[No title]
		Since commissions represent the largest underwriting expense items for insurers (nearly 40 percent of their underwriting expenses overall), the fact that commissions did not grow exactly as much as premiums was a second factor driving expense ratios down in recent years.
		While p-c insurer expense ratios were for the most part helped by the impact of the hard market, even insurers couldn’t escape some of the negative impacts of higher-priced insurance when they dug into their pockets to buy coverage for their own operations.
		CNA shaved 5.0 expense ratio points between 2001 and 2003, in spite of the fact that the Chicago-based insurer was still shedding premiums in 2001.
	www.nationalunderwriter.com /pandc/nuonline/022105/p07insurers_trim.asp (1363 words)

	What's An Expense Ratio?
		If you take the total expenses for the whole year, and divide that by the Average Net Assets (roughly, all the investments the fund owns minus the money the fund owes anyone, averaged over all the days the stock market was open that year), you get the Expense Ratio.
		The Mortality and Expense Risk Charge is "...to guarantee that CREF participants transferring funds to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF certificate." Normally, these charges are made for annuities that have an insurance component.
		The CREF funds have an unusual clause in their prospectus: At the end of each quarter, the expense charges that were collected are compared with the actual expenses incurred by the fund.
	home.att.net /~crefwatch/whatexpr.htm (1813 words)

	What does a mutual fund's expense ratio measure? (Site not responding. Last check: 2007-10-05)
		A mutual fund's expense ratio measures the fund's total annual expenses expressed as a percentage of the fund's net assets.
		For example, an expense ratio of 1% represents an annual charge to the fund's net assets — including your proportional interest in those assets — of 1% every year.
		The expense ratio includes the asset-based sales charge and other ongoing fees that are deducted from a mutual fund's assets to pay for the services of the mutual fund's investment adviser or transfer agent or for other expenses.
	ask.achieva.com /nasd/FAQ_19_302.shtm (215 words)

	Mutual Funds
		The fund’s expenses broadly cover the investment management and advisory fee, the marketing and selling expenses etc. Put simply the expense ratio denotes the amount out of the total corpus which is being used to finance the scheme’s expenses.
		The comparison for expense ratios must be between funds from the same asset class i.e.
		Having said all this, investor’s should remember that the expense ratio is one amongst various factors to be studied.
	www.personalfn.com /detail.asp?date=3/3/2004&story=4 (522 words)

	Value Line
		Although a detailed record of a fund's expenses are divulged on a dollar basis in its annual and semiannual reports, the amount charged is usually disclosed as a percentage of its net assets, a number known as the expense ratio.
		The expenses faced by a fund's administrator can be numerous, but the most explicit include costs that one would expect to find in any business, such as salaries and other general office expenses.
		Although the expense ratio and the comparative number should not be the "make-or-break" factor in one's decision, it should certainly play a part.
	www.valueline.com /news/fund020716b.html (766 words)

	Predicting and Managing a Credit Union’s Expense Ratio
		The operating expense ratio (operating expenses divided by average total assets) is a popular expense management tool involving both a numerator and a denominator.
		A 4% expense ratio for a credit union with $4 in expenses and $100 in assets can be reduced to 3% by (1) lowering expenses to $3, (2) raising assets to $133, or (3) altering expenses and assets simultaneously.
		If a credit union has a target expense ratio, it can simulate changes in assets, shares per member, or other characteristics to measure their effect on the expense ratio of each variable while controlling for other variables.
	cunalendingcouncil.org /news/208.html (996 words)

	Does the Expense Ratio Tell the Whole Story? (Site not responding. Last check: 2007-10-05)
		Miller's fund has an expense ratio of 1.7 percent, compared with 1.5 percent for the average domestic stock fund, according to Morningstar Inc. The fund also charges a fee for marketing expenses, known as a 12b-1 fee, which many critics abhor.
		The average expense ratio for Alliance's domestic stock funds, according to Morningstar, is 2.22 percent, the highest among major companies.
		Its expense ratio, 1.7 percent, includes a marketing fee known as a 12b-1 fee; that fee is not an additional cost.
	www.nytimes.com /2004/02/08/business/yourmoney/08fees.html?ei=5035&en=864261b986dc77a1&ex=1162616400&partner=MARKETWATCH&pagewanted=print&position= (1451 words)

	Dollar-Cost Averaging With ETFs
		Exchange-traded funds (ETFs), with their often-minuscule expense ratios, would seem to be the perfect vehicles for dollar-cost averaging, but initial appearances can be deceiving.
		For example, if the expense ratio is a steady 11 basis points, the cost of the expense ratio is $0.11 on a $100 investment and $1.10 on a $1,000 investment.
		While the expense ratio takes the same bite out of each dollar amount invested, a flat-rate brokerage fee can end up taking a large chunk out of small periodic investments, even at a discount broker that charges a mere $10 per trade.
	stockpickers.investopedia.com /articles/mutualfund/05/ETFdollarcost.asp (1063 words)

	Comments of Mercer Bullard, Founder and President, of Fund Democracy, Inc.; Barbara Roper, Director of Investor ...
		The partial expense ratio is misleading because it impliedly represents, in conjunction with other shareholder expenses listed in the fee table, the total cost of fund ownership.
		The partial expense ratio creates an incentive for fund managers to shift non-execution costs that should be included in that expense ratio to a different category of expenses - so-called portfolio transaction costs - and thereby appear to reduce the total costs of the fund.
		This incentive will exist even if portfolio transaction costs are presented in a format apart from the partial expense ratio, because fund managers will continue to have an incentive to shift non-execution expenses out of the partial expense ratio to give the appearance that their costs are lower than they actually are.
	www.sec.gov /rules/concept/s72903/mbullard03162004.htm (3292 words)

	ICI Letter on NASD Fund Performance Advertising Proposal, January 2004
		If there have been any changes in the annual operating expenses that would materially affect the information disclosed in the fee table, a fund is required to restate the expense information using the current fees as if they had been in effect during the previous fiscal year.
		The financial highlights table includes, among other items, a ratio of the fund's expenses to average net assets that is required to be calculated using the amount of expenses shown in the fund's statement of operations for the relevant fiscal period.
		The Item 9 expense ratio is a measure of the fund's actual/historical expenses and as such, it reflects any waiver or reimbursement of fees or expenses.
	www.ici.org /statements/cmltr/04_nasd_ad_disclose_com.html (2925 words)

	[No title]
		The income statement line items which petitioner included in the numerator of this calculation were "selling expenses," "administrative expenses," "financial expenses," and "other expenses." The recalculation proposed by respondents in their September 2, 1997, response to the clerical error allegation challenged only the inclusion of the latter two categories.
		Because this ratio is then applied to the sales value of the subject merchandise, the resulting indirect selling expense corresponds to the subject merchandise.
		In other words, the Department is not assuming that all of Yamaka's expenses were incurred on cookware, but only that this is a reasonable method to allocate an appropriate portion of Yamaka's expenses to sales of cookware, which respondents chose not to break out.
	ia.ita.doc.gov /remands/97-1904-07nafta.htm (1573 words)

	[No title]
		The five underwriting ratios are loss ratio, loss adjustment expense ratio, expense ratio, dividend ratio and combined ratio.
		Reconciliation of Statutory Accounting Measures ----------------------------------------------- The expense ratios and the expense component of the combined ratios set forth in the 2002 10-K were based on written premiums, which are calculated based on statutory accounting principles.
		The statutory underwriting ratios set forth in the 2002 10-K also were based on statutory underwriting expenses, for which all policy acquisition costs were expensed as incurred.
	www.freeedgar.com /EdgarConstruct/Data/948572/03-23/b8k050803.txt (883 words)

	TheStreet.com: Funds Notebook: Jacob-Less Internet Fund Lowers Expense Ratio
		The only other no-load fund in this group is WWW Internet, which capped its expenses at 2.5% in its latest prospectus, with a 1% redemption fee for shares sold within a year of purchase.
		The average expense ratio for a technology fund, according to Morningstar, is 1.75%.
		But while the Internet fund is lowering its expense ratio, Samson expects the fund to make more money this year as a business than it did in 1998.
	www.thestreet.com /pf/funds/funds/767439.html (922 words)

	INVESTING In Land - Operating Expense Ratio Article (Site not responding. Last check: 2007-10-05)
		Operating expense ratio analysis is the key to positive cash flow rental property management.
		Calculating operating expense ratios ("OERs") the right way is a focus of my Getting Positive Cash Flow on Rental Properties Home Study Course because it is a powerful technique to make sure your rental property is performing at peak and optimal cash flow efficiency.
		Sometimes the overall OER is perfectly normal but the component ratios that add up to the total are quite bizarre and instantly point to either a problem property (a high repair and maintenance ratio, for example) or a windfall opportunity (high utility, heating, legal, advertising, or other very soft costs).
	www.investinginland.com /operating_expense_ratio.htm (1165 words)

	Interactive Investor Help
		A: A range of annual expenses are charged to the fund every year for the ongoing management and operating costs of running your investment.
		But if the total annual expenses charged to the fund (the Total Expense Ratio, or TER) are just 1% these will drag down the performance to £16,036.
		All of Fitzrovia's Total Expense Ratio calculations are based on published fund accounts and show all annual operating costs that have been charged to the fund over a one year period.
	www.iii.co.uk /help/help.epl?page=fitzrovia_faq.epl (1124 words)

	LOW EXPENSE RATIO (Site not responding. Last check: 2007-10-05)
		One of the big advertising kicks today from mutual funds is to tell how low their expense ratio is and that you will make a great deal more money if you buy and hold with them.
		Actually as a fund grows in size its expenses should automatically come down as a percent of assets, but you will find that is not the case for many funds.
		The larger the fund family the lower should be their expenses per fund as they can outsource from the fund to a central billing and customer service desk.
	www.mutualfundmagic.com /articles/060704.html (375 words)

	Operating Expense Ratio
		The operating expense ratio also known as the OER is the ratio
		ratio is an indicator of how efficiently a property is being managed.
		The operating expense ratio for advertising would be calculated like this.
	www.invest-2win.com /operating-expense-ratio.html (496 words)

	Top 10 mutual fund terms
		The expense ratio is what it costs to operate the fund -- money that is collected through management fees, administrative fees and other asset-based charges.
		The expense ratio is revealed as a percentage of the fund's average net assets, and it is deducted before you are paid any return.
		If Fund A's expense ratio is 2 percent higher than Fund B's, you lose an extra 20 percent of your expected returns each year when your money is in A. Ouch!
	www.bankrate.com /brm/news/advice/20000502a.asp (1153 words)

	RealtyBaron.com : Hot Property: Expense Ratio: a "Know-How"
		Housing expense ratio is a ratio expressed in percentage, stating a borrower monthly debts or long term debts to his or her monthly income.
		Total expense ratio is the same except that the numerator includes existing debt service obligations of the borrower.
		For each of their loan programs, lenders set maximums for these ratios, such as, e.g., 28% and 36%, which the actual ratios must not exceed.
	www.realtybaron.com /hotproperty/2005/01/expense-ratio-know-how.jsp (357 words)

	TheStreet.com: Jacob Tweaks Expense Ratio for Eagerly Awaited Fund
		Unfortunately, this time it's the expense ratio, and it has gone up to 2.12% from its original projection of 1.91%.
		Since the fund isn't even in existence yet, its expense ratio is a pure estimate.
		And of course, any fund's expense ratio is dependent on the assets in the fund.
	www.thestreet.com /funds/funds/787581.html (648 words)

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