Management Company notes regarding section 15.4.1(r) of the Fund rules that operational expenses include also accounting costs, due to which Fund’s accounting expenses are borne on the account of the Fund. Source: Decree No. 12 of the Minister of Finance dated 31.01.2017 “Rules regarding compiling, the content and presenting of the reports of the management company subject to submission to Estonian Financial Services Authority and reporting of the own assets of the management company” Annex 2; and Decree No. 105 of Minister of Finance dated 22.12.2017 „Establishing of the Guidlines for Generally Accepted Accounting Principles“ Annex 2 – Guidance of the Accounting Board No. 2 „Requirements for presenting information in the annual report“.