Which of the following fees does NOT apply to both fixed and variable annuities?

Premium taxes are specific to the underlying policies of certain annuities and typically apply at the state level based on premiums paid. This fee is levied on the annuity purchase amount and varies by state, affecting how much the owner pays initially or during withdrawals. While fixed and variable annuities can have a premium tax associated with them, it is not universally applied across all annuities in the same manner or to the same extent.

In contrast, administrative fees, mortality charges, and fund expenses are broadly applicable across both fixed and variable annuities. Administrative fees cover the cost of managing the annuity, mortality charges account for the insurance component related to the mortality risk of the insured, and fund expenses pertain to the costs of managing investment portfolios within variable annuities. Thus, these fees are standard elements in the structures of both fixed and variable annuities, highlighting that premium taxes are the outlier.