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The first August fee rule represents the new variable expense fee rule for August. It has the same values as the July rule, except that the system resets the fee amount to $0.00, and it sets the status to Active.
| August Variable Expense Fee Rule Created | |
|---|---|
| Expense Account Name | Performance Fees |
| Fee Rule Type | Performance Current Period Variable |
| Fee Type | Variable |
| Activity Type | Prospective |
| Accrual Begin Date | August 1 |
| Accrual End Date | August 31 |
| Fee Amount | $0.00 |
| Status | Active |
| NAV Component | Average Net Assets |
| NAV Switch | Rolling Prior Period |
| NAV Frequency | 1 Year |
| Accrual Calculation Frequency | Daily |
| Accrual Update Option | Accrual Carry Forward |
| Accrual Reset Frequency | Monthly |
| Calendar/Business Days | Calendar |
| True Up Spreading Method | 1 Day |
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The second August fee rule represents the July true-up that the system will apply in August.
| July True-Up Fee Rule Created to Apply in August | |
|---|---|
| Expense Account Name | Performance Fees |
| Fee Rule Type | Performance Current Period Variable |
| Fee Type | Budgeted |
| Activity Type | True-up |
| Accrual Begin Date | August 1 |
| Accrual End Date | August 1 |
| Fee Amount | $0.00 |
| Status | Pending |
| Accrual Calculation Frequency | Daily |
| Accrual Update Option | None |
| Accrual Reset Frequency | None |
| Calendar/Business Days | Calendar |
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Effective Date | August 1 |
Adjusted Return Difference | 5.19% |
Final Fee Rate | 0.0387% |
ANA | 142,500,500.00 |
ANA Date | July 31 |
Days In Year | 365.00 |
Days In Prior Month | 30.00 |
Daily Fee | 151.09 |
The system will post posts another performance fee for the July true up amount. It calculates the true-up amount as part of the Performance Fee Activity calculation (Step 10). The system saves the fee amount of -$55.00 to the performance fee true-up rule. The process calculated the actual July fee amount to be $2,300.00. But it estimated the May fee rule at $2,245.00. The system will absorb absorbs the difference of $55.00 on the 1st day of August. The rule is Active and the system will post posts and close closes it as part of the Trigger Fee event
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