This is the value, during the relevant period, for all expenses related to investment activities.Include all expenses which are associated with the generation of income on the investment portfolio of the entity. Do not include expenses of an administrative or operating nature.Important - Do not net the following revenue items off against investment expenses:- Fee related income rebates off against investment expenses; or- Rebates provided by investment managers (often in the form of extra units when investment performance does not meet targets).Commissions or deductions should be shown on a gross basis here. For example, where there is a separately identifiable charge to the entity, fees charged by the investment manager should not be netted against investment income.