Expense ratio's

See

for explanation of fees and expenses. In particular, "Some funds cover the costs associated with an individual investor's transactions at the time of transactions (or periodically with respect to account fees). These fees and charges are identified in a fee table ... under the heading 'Shareholder Fees.' "Funds typically pay their regular and recurring, fund-wide operating expenses out of fund assets, rather than by imposing separate fees and charges on investors. (Keep in mind, however, that because these expensess are paid out of fund assets, investors are paying them indirectly.) These expenses are identified ... under the heading 'Annual Fund Operating Expenses.'"

So, if a fund charges you a load, or a redemption fee, they take it out of your hide, and not anyone else's. But for the normal operation of the fund (annual operating expenses), they skim a small percentage off of the assets in the fund (which reduces the value of your investment, pro rata); you are not directly assessed the fee, and you do not pay in dollars or shares.

Mark Freeland snipped-for-privacy@sbcglobal.net