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Expense Waiver

Expense Waivers, also referred to as expense offsets, expense reimbursements, etc., represent the amount the fund company waives or assumes in order to keep the fund’s actual (net) expenses low.

A company may reduce different components of overall expenses: management fee, 12b-1 fee, other fees etc. If the prospectus discloses which component is being waived, Morningstar will capture this information as "waiver type".

Expense Waivers may be voluntary or contractual, and can be set to expire at a particular date or timeframe. Morningstar assumes a waiver is voluntary if no disclosure is made in the prospectus to the contrary. Morningstar collects waiver expiration dates if these are disclosed in the prospectus.

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