Sheet2
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| Row Labels | Sum of Cummulative Costs |
| 1 | $192.70 |
| 2 | $391.32 |
| 3 | $596.05 |
| 4 | $807.06 |
| 5 | $1,024.56 |
| 6 | $1,248.75 |
| 7 | $1,479.82 |
| 8 | $1,718.00 |
| 9 | $1,963.49 |
| 10 | $2,216.53 |
| 11 | $2,477.34 |
| 12 | $2,746.17 |
| 13 | $3,023.26 |
| 14 | $3,308.87 |
| 15 | $3,603.25 |
| 16 | $3,906.68 |
| 17 | $4,219.43 |
| 18 | $4,541.79 |
| 19 | $4,874.06 |
| 20 | $5,216.54 |
| 21 | $5,569.55 |
| 22 | $5,933.40 |
| 23 | $6,308.43 |
| 24 | $6,694.99 |
| 25 | $7,093.43 |
| Grand Total | 81,155.49 |
Cost Comparison
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| Account Assumptions | | | | | | | | | | |
| Initial asset size: | $510,000.00 | | | | | | | | | |
| Annualized return: | 7.5% | | | | | | | | | |
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| Advisory Assumptions | | | | | | | | | | |
| Advisory fee: | 1.0% | | | | | | | | | |
| Fund operating expenses: | 0.4% | | | | | | | | | |
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| Brokerage Assumptions | | | | | | | | | | |
| Sales charge: | 2.0% | | | | | | | | | |
| Fund operating expenses: | 0.6% | | | | | | | | | |
| Cumulative cost savings over 25 years | | | | | | | | | | |
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| Advisory: | | | | | | | | | | |
| Brokerage: | $205,281.09 | | | | | | | | | |
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| | | Year | Beginning Value | End Value | Advisory Fee | Operating Expenses | Total Costs | Cummulative Costs | Ending Value After Fees |
| | | 1 | $510,000.00 | $548,250.00 | $5,291.25 | $2,116.50 | $7,407.75 | $7,407.75 | $540,842.25 |
| | | 2 | $540,842.25 | $581,405.42 | $5,611.24 | $2,244.50 | $7,855.73 | $15,263.48 | $573,549.69 |
| | | 3 | $573,549.69 | $616,565.91 | $5,950.58 | $2,380.23 | $8,330.81 | $23,594.29 | $608,235.10 |
| | | 4 | $608,235.10 | $653,852.73 | $6,310.44 | $2,524.18 | $8,834.61 | $32,428.91 | $645,018.12 |
| | | 5 | $645,018.12 | $693,394.48 | $6,692.06 | $2,676.83 | $9,368.89 | $41,797.80 | $684,025.59 |
| | | 6 | $684,025.59 | $735,327.51 | $7,096.77 | $2,838.71 | $9,935.47 | $51,733.27 | $725,392.04 |
| | | 7 | $725,392.04 | $779,796.44 | $7,525.94 | $3,010.38 | $10,536.32 | $62,269.59 | $769,260.12 |
| | | 8 | $769,260.12 | $826,954.63 | $7,981.07 | $3,192.43 | $11,173.50 | $73,443.09 | $815,781.13 |
| | | 9 | $815,781.13 | $876,964.71 | $8,463.73 | $3,385.49 | $11,849.22 | $85,292.31 | $865,115.49 |
| | | 10 | $865,115.49 | $929,999.15 | $8,975.57 | $3,590.23 | $12,565.80 | $97,858.11 | $917,433.35 |
| | | 11 | $917,433.35 | $986,240.85 | $9,518.37 | $3,807.35 | $13,325.72 | $111,183.83 | $972,915.13 |
| | | 12 | $972,915.13 | $1,045,883.77 | $10,093.99 | $4,037.60 | $14,131.59 | $125,315.43 | $1,031,752.18 |
| | | 13 | $1,031,752.18 | $1,109,133.59 | $10,704.43 | $4,281.77 | $14,986.20 | $140,301.63 | $1,094,147.39 |
| | | 14 | $1,094,147.39 | $1,176,208.44 | $11,351.78 | $4,540.71 | $15,892.49 | $156,194.12 | $1,160,315.95 |
| | | 15 | $1,160,315.95 | $1,247,339.65 | $12,038.28 | $4,815.31 | $16,853.59 | $173,047.71 | $1,230,486.06 |
| | | 16 | $1,230,486.06 | $1,322,772.51 | $12,766.29 | $5,106.52 | $17,872.81 | $190,920.52 | $1,304,899.70 |
| | | 17 | $1,304,899.70 | $1,402,767.18 | $13,538.33 | $5,415.33 | $18,953.67 | $209,874.18 | $1,383,813.51 |
| | | 18 | $1,383,813.51 | $1,487,599.53 | $14,357.07 | $5,742.83 | $20,099.89 | $229,974.08 | $1,467,499.63 |
| | | 19 | $1,467,499.63 | $1,577,562.11 | $15,225.31 | $6,090.12 | $21,315.43 | $251,289.51 | $1,556,246.68 |
| | | 20 | $1,556,246.68 | $1,672,965.18 | $16,146.06 | $6,458.42 | $22,604.48 | $273,893.99 | $1,650,360.69 |
| | | 21 | $1,650,360.69 | $1,774,137.75 | $17,122.49 | $6,849.00 | $23,971.49 | $297,865.48 | $1,750,166.26 |
| | | 22 | $1,750,166.26 | $1,881,428.73 | $18,157.97 | $7,263.19 | $25,421.16 | $323,286.64 | $1,856,007.56 |
| | | 23 | $1,856,007.56 | $1,995,208.13 | $19,256.08 | $7,702.43 | $26,958.51 | $350,245.15 | $1,968,249.62 |
| | | 24 | $1,968,249.62 | $2,115,868.34 | $20,420.59 | $8,168.24 | $28,588.83 | $378,833.98 | $2,087,279.51 |
| | | 25 | $2,087,279.51 | $2,243,825.48 | $21,655.52 | $8,662.21 | $30,317.73 | $409,151.71 | $2,213,507.74 |
| | | Total Cost of Ownership (Advisory): | | | | | $409,151.71 | | |
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| | | Year | Beginning Value | End Value | Sales Charge | Operating Expenses | Total Costs | Cummulative Costs | Ending Value After Fees |
| | | 1 | $510,000.00 | $548,250.00 | $10,200.00 | $3,174.75 | $13,374.75 | $13,374.75 | $534,875.25 |
| | | 2 | $534,875.25 | $574,990.89 | | $3,329.60 | $3,329.60 | $16,704.35 | $571,661.30 |
| | | 3 | $571,661.30 | $614,535.89 | | $3,558.59 | $3,558.59 | $20,262.94 | $610,977.30 |
| | | 4 | $610,977.30 | $656,800.60 | | $3,803.33 | $3,803.33 | $24,066.27 | $652,997.26 |
| | | 5 | $652,997.26 | $701,972.06 | | $4,064.91 | $4,064.91 | $28,131.18 | $697,907.15 |
| | | 6 | $697,907.15 | $750,250.19 | | $4,344.47 | $4,344.47 | $32,475.65 | $745,905.72 |
| | | 7 | $745,905.72 | $801,848.64 | | $4,643.26 | $4,643.26 | $37,118.92 | $797,205.38 |
| | | 8 | $797,205.38 | $856,995.79 | | $4,962.60 | $4,962.60 | $42,081.52 | $852,033.18 |
| | | 9 | $852,033.18 | $915,935.67 | | $5,303.91 | $5,303.91 | $47,385.43 | $910,631.76 |
| | | 10 | $910,631.76 | $978,929.15 | | $5,668.68 | $5,668.68 | $53,054.11 | $973,260.46 |
| | | 11 | $973,260.46 | $1,046,255.00 | | $6,058.55 | $6,058.55 | $59,112.66 | $1,040,196.45 |
| | | 12 | $1,040,196.45 | $1,118,211.19 | | $6,475.22 | $6,475.22 | $65,587.88 | $1,111,735.96 |
| | | 13 | $1,111,735.96 | $1,195,116.16 | | $6,920.56 | $6,920.56 | $72,508.44 | $1,188,195.60 |
| | | 14 | $1,188,195.60 | $1,277,310.27 | | $7,396.52 | $7,396.52 | $79,904.95 | $1,269,913.76 |
| | | 15 | $1,269,913.76 | $1,365,157.29 | | $7,905.21 | $7,905.21 | $87,810.17 | $1,357,252.07 |
| | | 16 | $1,357,252.07 | $1,459,045.98 | | $8,448.89 | $8,448.89 | $96,259.06 | $1,450,597.09 |
| | | 17 | $1,450,597.09 | $1,559,391.87 | | $9,029.97 | $9,029.97 | $105,289.03 | $1,550,361.90 |
| | | 18 | $1,550,361.90 | $1,666,639.04 | | $9,651.00 | $9,651.00 | $114,940.03 | $1,656,988.04 |
| | | 19 | $1,656,988.04 | $1,781,262.14 | | $10,314.75 | $10,314.75 | $125,254.78 | $1,770,947.39 |
| | | 20 | $1,770,947.39 | $1,903,768.45 | | $11,024.15 | $11,024.15 | $136,278.93 | $1,892,744.30 |
| | | 21 | $1,892,744.30 | $2,034,700.12 | | $11,782.33 | $11,782.33 | $148,061.26 | $2,022,917.79 |
| | | 22 | $2,022,917.79 | $2,174,636.62 | | $12,592.66 | $12,592.66 | $160,653.92 | $2,162,043.96 |
| | | 23 | $2,162,043.96 | $2,324,197.26 | | $13,458.72 | $13,458.72 | $174,112.65 | $2,310,738.53 |
| | | 24 | $2,310,738.53 | $2,484,043.92 | | $14,384.35 | $14,384.35 | $188,497.00 | $2,469,659.58 |
| | | 25 | $2,469,659.58 | $2,654,884.04 | | $15,373.63 | $15,373.63 | $203,870.63 | $2,639,510.41 |
| | | Total Cost of Ownership (Brokerage) | | | | | $203,870.63 | | |
Sheet4
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| Row Labels | Sum of Advisory Cummulative Costs | Sum of Brokerage Cummulative Costs2 | | |
| 1 | $192.70 | $602.50 | | $-409.80 |
| 2 | $391.32 | $703.95 | | $-312.63 |
| 3 | $596.05 | $809.43 | | $-213.38 |
| 4 | $807.06 | $919.11 | | $-112.04 |
| 5 | $1,024.56 | $1,033.14 | | $-8.58 |
| 6 | $1,248.75 | $1,151.71 | | $97.04 |
| 7 | $1,479.82 | $1,274.99 | | $204.84 |
| 8 | $1,718.00 | $1,403.17 | | $314.83 |
| 9 | $1,963.49 | $1,536.45 | | $427.05 |
| 10 | $2,216.53 | $1,675.02 | | $541.51 |
| 11 | $2,477.34 | $1,819.10 | | $658.24 |
| 12 | $2,746.17 | $1,968.91 | | $777.26 |
| 13 | $3,023.26 | $2,124.67 | | $898.59 |
| 14 | $3,308.87 | $2,286.63 | | $1,022.24 |
| 15 | $3,603.25 | $2,455.02 | | $1,148.23 |
| 16 | $3,906.68 | $2,630.11 | | $1,276.57 |
| 17 | $4,219.43 | $2,812.16 | | $1,407.27 |
| 18 | $4,541.79 | $3,001.44 | | $1,540.35 |
| 19 | $4,874.06 | $3,198.25 | | $1,675.81 |
| 20 | $5,216.54 | $3,402.88 | | $1,813.66 |
| 21 | $5,569.55 | $3,615.64 | | $1,953.90 |
| 22 | $5,933.40 | $3,836.87 | | $2,096.53 |
| 23 | $6,308.43 | $4,066.88 | | $2,241.55 |
| 24 | $6,694.99 | $4,306.04 | | $2,388.95 |
| 25 | $7,093.43 | $4,554.70 | | $2,538.72 |
| Grand Total | 81,155.49 | 57,188.77 | | |
Sheet3
| Year | Beginning Value | End Value | Advisory Fee | Operating Expenses | Total Costs | Cummulative Costs | Ending Value After Fees | Beginning Value | End Value | Sales Charge | Operating Expenses | Total Costs | Cummulative Costs | Ending Value After Fees |
|---|
| 1 | 10,000 | 10,500 | 115.82 | 76.88 | 192.70 | 192.70 | 10,307.30 | 10,000 | 10,500 | 500 | 102.50 | 602.50 | 602.50 | 9,897.50 |
| 2 | 10,307.30 | 10,822.66 | 119.38 | 79.24 | 198.62 | 391.32 | 10,624.04 | 9,897.50 | 10,392.38 | | 101.45 | 101.45 | 703.95 | 10,290.93 |
| 3 | 10,624.04 | 11,155.25 | 123.05 | 81.67 | 204.73 | 596.05 | 10,950.52 | 10,290.93 | 10,805.47 | | 105.48 | 105.48 | 809.43 | 10,699.99 |
| 4 | 10,950.52 | 11,498.05 | 126.83 | 84.18 | 211.02 | 807.06 | 11,287.03 | 10,699.99 | 11,234.99 | | 109.67 | 109.67 | 919.11 | 11,125.31 |
| 5 | 11,287.03 | 11,851.38 | 130.73 | 86.77 | 217.50 | 1,024.56 | 11,633.88 | 11,125.31 | 11,681.58 | | 114.03 | 114.03 | 1,033.14 | 11,567.55 |
| 6 | 11,633.88 | 12,215.57 | 134.75 | 89.44 | 224.18 | 1,248.75 | 11,991.39 | 11,567.55 | 12,145.92 | | 118.57 | 118.57 | 1,151.71 | 12,027.36 |
| 7 | 11,991.39 | 12,590.96 | 138.89 | 92.18 | 231.07 | 1,479.82 | 12,359.88 | 12,027.36 | 12,628.72 | | 123.28 | 123.28 | 1,274.99 | 12,505.44 |
| 8 | 12,359.88 | 12,977.88 | 143.16 | 95.02 | 238.17 | 1,718.00 | 12,739.70 | 12,505.44 | 13,130.72 | | 128.18 | 128.18 | 1,403.17 | 13,002.53 |
| 9 | 12,739.70 | 13,376.69 | 147.56 | 97.94 | 245.49 | 1,963.49 | 13,131.19 | 13,002.53 | 13,652.66 | | 133.28 | 133.28 | 1,536.45 | 13,519.39 |
| 10 | 13,131.19 | 13,787.75 | 152.09 | 100.95 | 253.04 | 2,216.53 | 13,534.72 | 13,519.39 | 14,195.35 | | 138.57 | 138.57 | 1,675.02 | 14,056.78 |
| 11 | 13,534.72 | 14,211.45 | 156.77 | 104.05 | 260.81 | 2,477.34 | 13,950.64 | 14,056.78 | 14,759.62 | | 144.08 | 144.08 | 1,819.10 | 14,615.54 |
| 12 | 13,950.64 | 14,648.17 | 161.58 | 107.25 | 268.83 | 2,746.17 | 14,379.34 | 14,615.54 | 15,346.31 | | 149.81 | 149.81 | 1,968.91 | 15,196.51 |
| 13 | 14,379.34 | 15,098.31 | 166.55 | 110.54 | 277.09 | 3,023.26 | 14,821.22 | 15,196.51 | 15,956.33 | | 155.76 | 155.76 | 2,124.67 | 15,800.57 |
| 14 | 14,821.22 | 15,562.28 | 171.67 | 113.94 | 285.60 | 3,308.87 | 15,276.67 | 15,800.57 | 16,590.59 | | 161.96 | 161.96 | 2,286.63 | 16,428.64 |
| 15 | 15,276.67 | 16,040.51 | 176.94 | 117.44 | 294.38 | 3,603.25 | 15,746.13 | 16,428.64 | 17,250.07 | | 168.39 | 168.39 | 2,455.02 | 17,081.68 |
| 16 | 15,746.13 | 16,533.43 | 182.38 | 121.05 | 303.43 | 3,906.68 | 16,230.01 | 17,081.68 | 17,935.76 | | 175.09 | 175.09 | 2,630.11 | 17,760.67 |
| 17 | 16,230.01 | 17,041.51 | 187.98 | 124.77 | 312.75 | 4,219.43 | 16,728.75 | 17,760.67 | 18,648.71 | | 182.05 | 182.05 | 2,812.16 | 18,466.66 |
| 18 | 16,728.75 | 17,565.19 | 193.76 | 128.60 | 322.36 | 4,541.79 | 17,242.83 | 18,466.66 | 19,389.99 | | 189.28 | 189.28 | 3,001.44 | 19,200.71 |
| 19 | 17,242.83 | 18,104.97 | 199.72 | 132.55 | 332.27 | 4,874.06 | 17,772.70 | 19,200.71 | 20,160.75 | | 196.81 | 196.81 | 3,198.25 | 19,963.94 |
| 20 | 17,772.70 | 18,661.34 | 205.85 | 136.63 | 342.48 | 5,216.54 | 18,318.86 | 19,963.94 | 20,962.14 | | 204.63 | 204.63 | 3,402.88 | 20,757.51 |
| 21 | 18,318.86 | 19,234.80 | 212.18 | 140.83 | 353.00 | 5,569.55 | 18,881.79 | 20,757.51 | 21,795.38 | | 212.76 | 212.76 | 3,615.64 | 21,582.62 |
| 22 | 18,881.79 | 19,825.88 | 218.70 | 145.15 | 363.85 | 5,933.40 | 19,462.03 | 21,582.62 | 22,661.75 | | 221.22 | 221.22 | 3,836.87 | 22,440.53 |
| 23 | 19,462.03 | 20,435.13 | 225.42 | 149.61 | 375.03 | 6,308.43 | 20,060.10 | 22,440.53 | 23,562.55 | | 230.02 | 230.02 | 4,066.88 | 23,332.54 |
| 24 | 20,060.10 | 21,063.10 | 232.35 | 154.21 | 386.56 | 6,694.99 | 20,676.55 | 23,332.54 | 24,499.16 | | 239.16 | 239.16 | 4,306.04 | 24,260.00 |
| 25 | 20,676.55 | 21,710.37 | 239.49 | 158.95 | 398.44 | 7,093.43 | 21,311.94 | 24,260.00 | 25,473.00 | | 248.67 | 248.67 | 4,554.70 | 25,224.34 |