This is not an original document, but the material below is taken, without alteration, from an SEC filing you can read yourself, at "January 30, 2004 485B". In the very partial quotes below, you're interested in the words "Reimbursement" and in Note 2.
The question is, if these customers are not paying the full cost of the product they are buying from a New York State Not-For-Profit corporation, who is paying the rest of the cost? It's also interesting how much lower the management costs are for these funds than for our 403(b) account funds. Yes, it costs more to administer a 403(b), but I'm talking about the first column. It should be cheaper to manage a huge, established, 80%-indexed fund.
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INSTITUTIONAL CLASS
ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)
TOTAL ANNUAL NET ANNUAL
MANAGE- FUND EXPENSE FUND
MENT OTHER OPERATING REIMBURSE- OPERATING
FEES EXPENSES(1) EXPENSES MENT(2) EXPENSES
===========================================================================================================
Growth Equity Fund 0.08% 0.10% 0.18% 0.04% 0.14%
- -----------------------------------------------------------------------------------------------------------
Growth & Income Fund 0.08% 0.07% 0.15% 0.01% 0.14%
- -----------------------------------------------------------------------------------------------------------
International Equity Fund 0.09% 0.18% 0.27% 0.07% 0.20%
- -----------------------------------------------------------------------------------------------------------
Large-Cap Value Fund 0.08% 0.13% 0.21% 0.07% 0.14%
- -----------------------------------------------------------------------------------------------------------
Mid-Cap Growth Fund 0.08% 0.31% 0.39% 0.25% 0.14%
- -----------------------------------------------------------------------------------------------------------
Mid-Cap Value Fund 0.08% 0.24% 0.32% 0.18% 0.14%
- -----------------------------------------------------------------------------------------------------------
Small-Cap Equity Fund 0.08% 0.54% 0.62% 0.48% 0.14%
- -----------------------------------------------------------------------------------------------------------
Large-Cap Growth Index Fund 0.04% 0.09% 0.13% 0.05% 0.08%
- -----------------------------------------------------------------------------------------------------------
Large-Cap Value Index Fund 0.04% 0.12% 0.16% 0.08% 0.08%
- -----------------------------------------------------------------------------------------------------------
Equity Index Fund 0.04% 0.05% 0.09% 0.01% 0.08%
- -----------------------------------------------------------------------------------------------------------
S&P 500 Index Fund 0.04% 0.13% 0.17% 0.09% 0.08%
- -----------------------------------------------------------------------------------------------------------
Mid-Cap Growth Index Fund 0.04% 0.11% 0.15% 0.07% 0.08%
- -----------------------------------------------------------------------------------------------------------
Mid-Cap Value Index Fund 0.04% 0.12% 0.16% 0.08% 0.08%
- -----------------------------------------------------------------------------------------------------------
Mid-Cap Blend Index Fund 0.04% 0.16% 0.20% 0.12% 0.08%
- -----------------------------------------------------------------------------------------------------------
Small-Cap Growth Index Fund 0.04% 0.12% 0.16% 0.08% 0.08%
- -----------------------------------------------------------------------------------------------------------
Small-Cap Value Index Fund 0.04% 0.14% 0.18% 0.10% 0.08%
- -----------------------------------------------------------------------------------------------------------
Small-Cap Blend Index Fund 0.04% 0.15% 0.19% 0.11% 0.08%
- -----------------------------------------------------------------------------------------------------------
International Equity Index Fund 0.04% 0.29% 0.33% 0.18% 0.15%
- -----------------------------------------------------------------------------------------------------------
Social Choice Equity Fund 0.04% 0.09% 0.13% 0.05% 0.08%
- -----------------------------------------------------------------------------------------------------------
Real Estate Securities Fund 0.09% 0.09% 0.18% 0.03% 0.15%
- -----------------------------------------------------------------------------------------------------------
Bond Fund 0.08% 0.06% 0.14% -- 0.14%
- -----------------------------------------------------------------------------------------------------------
Inflation-Linked Bond Fund 0.09% 0.06% 0.15% 0.01% 0.14%
- -----------------------------------------------------------------------------------------------------------
Money Market Fund 0.04% 0.06% 0.10% 0.01% 0.09%
- -----------------------------------------------------------------------------------------------------------
(1) The figures shown for Other Expenses (which do not include investment
management fees) are based on the Funds' annual operating expenses as of
September 30, 2003.
(2) To limit the Funds' expenses during its initial period of operations,
Advisors has agreed to reimburse the Funds for such Other Expenses (which
do not include investment management fees) that would cause the net annual
fund operating expenses to exceed the percentages listed in the last column
above.
RETAIL CLASS
ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)
TOTAL ANNUAL NET ANNUAL
MANAGE- FUND EXPENSE FUND
MENT OTHER OPERATING REIMBURSE- OPERATING
FEES EXPENSES(1) EXPENSES MENT(2) EXPENSES
- ----------------------------------------------------------------------------------------------------------
Large-Cap Value Fund 0.08% 0.43% 0.51% 0.01% 0.44%
- ----------------------------------------------------------------------------------------------------------
Mid-Cap Growth Fund 0.08% 0.61% 0.69% 0.25% 0.44%
- ----------------------------------------------------------------------------------------------------------
Mid-Cap Value Fund 0.08% 0.54% 0.62% 0.18% 0.44%
- ----------------------------------------------------------------------------------------------------------
Small-Cap Equity Fund 0.08% 0.70% 0.78% 0.48% 0.30%
- ----------------------------------------------------------------------------------------------------------
Real Estate Securities Fund 0.09% 0.38% 0.47% 0.02% 0.45%
- ----------------------------------------------------------------------------------------------------------
Inflation-Linked Bond Fund 0.09% 0.22% 0.31% 0.01% 0.30%
- ----------------------------------------------------------------------------------------------------------
(1) The figures shown for Other Expenses (which do not include investment
management fees) are based on actual operating expenses as of September 30,
2003.
(2) To limit the Funds' expenses during its initial period of operations,
Advisors has agreed to reimburse the Funds for such Other Expenses (which do
not include investment management fees) that would cause the net annual fund
operating expenses to exceed the percentages listed in the last column
above.
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