Not usually. The SEC requires funds to clearly state their fees. For instance, the expense ratio you see for the Schwab Target Funds on the website or in the fund prospectus is the entire fee you pay for the management and operation of the fund. That said, most target date funds are built as “funds of funds,” meaning they are composed of many different funds of varying asset classes. There are indirect costs associated with these underlying funds, but they are included in the total expense ratio of the target date fund. In the end, it’s always a good idea to look closely at a fund’s fact sheet or other documents to fully understand what you are paying.