Brokerage commissions are a huge expense for most funds.

FORBES: Time��s Running Out For America��s Pensions (May 1, 2003 )

Then, by adding two known costs, the annual expense ratio and trading commissions, Barra computed what it calls a fund's hurdle rate.

FORBES: The hidden cost of trading

How can this be, that the expense ratios disclosed to fund customers omit commissions?

FORBES: Hidden Expenses