When a mutual fund holds other mutual funds, is the MER stated on the main fund including the MER's on the underlying?
As an example I was just looking at the TD Comfort Balanced Growth Portfolio:
Its holdings seem to be entirely other TD mutual funds. If the main fund's MER is 2% and the underlying fund's MER's are (let's say) 1.5% each, are you actually paying 3.5%? Or is the main fund stated MER your net MER including the underlying?
(Before anyone asks, I'm not thinking of buying it, I'm just curious.)