The administrators of the mutual fund still make a bet that their income (mainly the money they charge members/customers) will meet or exceed the claims they pay out, no? They might not have a profit motive, but that doesn’t change the basic economics of needing income to be >= expenses.
The administrators of the mutual fund still make a bet that their income (mainly the money they charge members/customers) will meet or exceed the claims they pay out, no? They might not have a profit motive, but that doesn’t change the basic economics of needing income to be >= expenses.