【正文】 12b1 feesAnnual fees charged by a mutual fund to pay for marketing and distribution costs.Noload fundss stated investment policy and past performance but also its management fees and other expenses. Comparative data on virtually all important aspects of mutual funds are available in the annual reports prepared by CDA Wiesenberger Investment Companies Services or in Morningstar39。About half of fund sales today are distributed through a sales force. Brokers or financial advisers receive a mission for selling shares to investors. (Ultimately, the mission is paid by the investor. More on this shortly.) In some cases, funds use a “captive” sales force that sells only shares in funds of the mutual fund group they represent.s Windsor and Wellington funds.P 500 is a valueweighted index, the fund buys shares in each Samp。 These funds are similar to balanced funds in that they hold both stocks and bonds. However, asset allocation funds may dramatically vary the proportions allocated to each market in accord with the portfolio manager39。 Some funds are designed to be candidates for an individual39。international fundstend to hold shares of firms with consistently high dividend yields.Management panies manage a family, or “plex,” of mutual funds. They organize an entire collection of funds and then collect a management fee for operating them. By managing a collection of funds under one umbrella, these panies make it easy for investors to allocate assets across market sectors and to switch assets across funds while still benefiting from centralized record keeping. Some of the most wellknown management panies are Fidelity, Vanguard, Putnam, and Dreyfus. Each offers an array of openend mutual funds with different investment policies. In early 2009, there were nearly 9,000 mutual funds in the ., which were offered by fewer than 700 fund plexes.to these funds.1Jeffrey Pontiff, “Costly Arbitrage: Evidence from ClosedEnd Funds,” such strategies typically are not open to mutual fund managers.Equity trustsunits,The Wall Street Journal Online,do not redeem or issue shares. Investors in closedend funds who wish to cash out must sell their shares to other investors. Shares of closedend funds are traded on organized exchanges and can be purchased through brokers just like other mon stock。unmanaged.are pools of money invested in a portfolio that is fixed for the life of the fund. To form a unit investment trust, a sponsor, typically a brokerage firm, buys a portfolio of securities that are deposited into a trust. It then sells shares, or “units,” in the trust, calledNet Asset ValueConsider a mutual fund that manages a portfolio of securities worth $120 million. Suppose the fund owes $4 million to its investment advisers and owes another $1 million for rent, wages due, and miscellaneous expenses. The fund has 5 million shares outstanding.orare financial intermediaries that collect funds from individual investors and invest those funds in a potentially wide range of securities or other assets. Pooling of assets is the key idea behind investment panies. Each investor has a claim to the portfolio established by the investment pany in proportion to the amount invested. These panies thus provide a mechanism for small investors to “team up” to obtain the benefits of largescale investing.performers? Finally, we discuss sources of information on mutual funds, and we consider in detail the information provided in the most prehensive guide, Morningstar39。1.3.Consider these data from the March 2009 balance sheet of Vanguard39。Sponsors of unit investment trusts earn their profit by selling shares in the trust at a premium to the cost of acquiring the underlying assets. For example, a trust that has purchased $5 million of assets may sell 5,000 shares to the public at a price of $1,030 per share, which (assuming the trust has no liabilities) represents a 3% premium over the net asset value of the securities held by the trust. The 3% premium is the trustee39。Openend fundsA fund that issues or redeems its own shares at their net asset value (NAV).is a listing of closedend funds. The first column gives the name and ticker symbol of the fund. The next two columns give the fund39。s NAV would represent the pershare increase in the wealth of the fund39。loadSales charge on the purchase of some mutual funds.. Like mutual funds,for a review of these securities), while bond funds hold fixedine securities. Some funds have even more narrowly defined mandates. For example, some bond funds will hold primarily Treasury bonds, others primarily mortgagebacked securities. Some equity funds, called Many funds have international focus.invest in panies of developing nations.Balanced Fundsgradually bee more conservative as the investor ages.p. 98Asset Allocation and Flexible Fundss representation in that index. For example, the Vanguard 500 Index Fund is a mutual fund that replicates the position of the Standard amp。Table p. 99How Funds Are SoldMutual funds are generally marketed to the public either directly by the fund underwriter or indirectly through brokers acting on behalf of the underwriter. Directmarketed funds are sold through the mail, various offices of the fund, over the phone, or, more so, over the Internet. Investors contact the fund directly to purchase shares.revenue sharing,Chapter 2 A frontend load is a mission or sales charge paid when you purchase the shares. These charges, which are used primarily to pay the brokers who sell the funds, may not exceed %, but in practice they are rarely higher than 6%.Many funds offer “classes” that represent ownership in the same portfolio of securities, but with different binations of fees. For example, Class A shares might have frontend loads while Class B shares rely on 12b1 fees.and NAV1, respectively, thenFor example, if a fund has an initial NAV of $20 at the start of the m