Its been explained on this board before (by people more knowledgeable than yours truely) that expense ratio and 12b-1 fees etc are deducted every day when the fund manager calculates the 4 pm NAV for the mutual fund. So those expenses along with trading expenses like commissions are paid by your account, but never appear on your statement. They are hidden charges.Every day at 4 pm, the fund calculates the total value of its assets using the closing market prices of all of its holdings. They deduct their expenses (marketing and management fees) and divide by the total number of shares outstanding. This results in the NAV for that mutual fund, which is the price reported in the newspapers and on all the services for the following day. Its also the trading price for that mutual fund for all transactions in the last 24 hours (except when they cheat as per recent charges by Elliot Spitzer and others).
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