Expense ratio of investment funds

From MAS website:

Expense Ratio (%) = (Total operating expenses * 100)/Average Net Asset Value

Operating expenses refers to all costs charged to the fund during the reporting period.
These would ordinarily include, but are not limited to:
• Management fee;
• Trustee fee;
• Administration fee;
• Accounting and Valuation fees;
• Custodian, sub-custodian and depository fees;
• Registrar fees;
• Legal and professional fees;
• Printing and distribution fees;
• Audit fee;
• Amortised expenses;
• Performance fee
• GST on expenses.

The following expenses may be excluded from the computation of the expense ratio:
• Interest expense;
• Brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees);
• Foreign exchange gains and losses of the fund, whether realised orunrealised;
• Tax deducted at source or arising on income received, including withholding tax;
• Front end loads, back end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund, including any costs arising where a Singapore feeder fund invests into an off-shore parent-fund. Such expenseswould generally be capitalised into the cost of the investment and will subsequently be reflected as a diminution in net asset value when the investment is first marked to market after purchase;
• Dividends and other distributions paid to unit-holders.