A collective fund will often hold mutual funds that charge their own fees. Do the underlying fees charged by investments of a collective fund need to be disclosed to participants for 404© compliance?

I thought this statement with regard to fee disclosure that appears in the preamble to the 404© regulations was interesting: "This requirement relates to the dislscure of fees and expenses directly assessed against the participant's or beneficiary's account, not expenses, fees or commissions incurred by the investment alternative attendant to the operation and management of the investment alternative."