When determining UITF investment fees, which component is included?

In the context of UITF investment fees, the correct component to consider is the market value less fees and taxes. This is because the calculations of investment fees are typically based on the net asset value, which takes into account the total market value of the fund's securities, subtracts any applicable fees, expenses, and taxes that the fund incurs.

This net calculation gives a clearer picture of the actual value of the investment to the investor, ensuring that the fees and taxes do not inflate the perception of the fund's performance or value. By focusing on the net market value after deductions, investors can gauge the true cost of the investment and its returns more effectively.

The other components, while relevant to understanding different aspects of UITF operations, do not accurately reflect how investment fees are assessed. Market value of securities alone does not account for expenses, and total revenues generated is broader than just the market value relevant for fee determination. Simplified operating expenses might provide a general idea of costs but do not specifically address fee calculations linked to market value.