Note that brokerage commissions are reflected in the cost basis of the purchased securities or as a reduction of the proceeds from the sale of securities and not as an expense of the fund.

FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)

Your fund should lend out your securities, but the proceeds should go to you.

WSJ: Is Your Fund Pawning Shares Off You?

This tax, which has been proposed by the International Monetary Fund staff, is levied only on net proceeds of securities transactions.

FORBES: Could Taxes Have Prevented Rampage Of The London Whale?