Page Comparison

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• Current Period Variable Expense (PVX). The  Calculated daily. The performance fee is based on daily returns in the current period. It includes the return and NAV for all the days in the current fee rule period. Calculations are always based on prior day numbers, so at the beginning of the next period, the system calculates the expense for the final day in the prior period and creates a separate true-up rule to get to the correct fee for that period.
• Prior Period Budgeted Expense (PBX). The  Calculated once per calculation period (monthly, quarterly, and so on) and then spread over the number of days in the calculation period, The performance fee is based on the returns and average NAV for the prior period end date. It does not use any return or NAV data for the current rule period. It projects the prior period data onto the current period, spreading (or budgeting) the calculated fee over the current performance period.
• Prior Period Estimated Budgeted Expense (PEX). This  This fee is similar to the Prior Period Budgeted Expense, but it treats the projection like an estimate. The performance fee is based on the returns and average NAV for the prior period end date. It does not use any return or NAV data for the current rule period. It projects the prior period data onto the current period, spreading (or budgeting) the calculated fee over the current performance period. However, at the beginning of the next fee period, as with Current Period Variable Expense, it calculates the actual expense for the prior period and creates a separate true-up rule to get to the correct fee for that period.

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