資本市場和金融機(jī)構(gòu)(2)(存儲版)
【正文】 05, 496 million. Liabilities: $844 million. Shares: million. Determine the NAV A: NAV= ($105,496 million $844 million)/ million = $ 16 A mutual fund is usually called an openend fund because the number of shares increases (decreases) with new purchases (redemptions) of mutual fund shares. EXAMPLE Assume that at the beginning of a day a MF has a Net Assets (NA0) portfolio of $100 million, and shares outstanding (units) of 5 million. a) What is the NAV of the fund? Assume that during the day the mutual fund sold $600,000 of fund shares (units) and unit holders withdrew (redeemed) $200,000, and the prices of all the securities in the portfolio remain constant. b) How many shares (units) were issued (sold)? c) How many shares (units) were redeemed? d) What is the number of shares (units) at the end of the day? 17 e) What is the total value of assets at the end of the day (NA1)? f) What is the NAV at the end of the day? g) Suppose the asset manager is paid a fee of % of the increase in the total value of assets. What is the dollar amount of the fee obtained at the end of the day? 18 MF expenses ? Operating Expenses: Administrative expenses (legal, custodial, and recordkeeping fees) and advisory fees paid to the investment manager. ? Other charges: General marketing expenses, and trailer fees to distributors, ., financial advisors for providing services to investors of the MF. The Operation Expenses and Other Charges as a ratio of total assets is referred as the Management expense ratio (MER). Usually expressed as a % of total assets under management (range % %) 19 ? Sales Charges: Commissions paid to brokers Load fund (Frontand BackEnd charge). ? Front charge (typically 8%): at the time of the purchase ? BackEnd charge. Deferred Sales charge (typically 6%) upon sale ? NoLoad fund ? No sale fee. Sold by sponsoring MF. ? Special Fees ? Specific administrative costs (. account
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