FIN 341, Chapters 4, 5, 6
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| show | pooling fund of a large group of investors--is a form of financial intermediary
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| show | almost same as 401k plans; you decide where the funds go
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| show | 1. diversification 2. professional management 3. minimum initial investment
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| show | 1. risk 2. costs 3. taxes
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| show | a business that specializes in pooling funds from individual investors and investing them; all MFs are investment co.s but not all investment co.s are MFs
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| Open-end Funds | show 🗑
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| Closed-end Funds | show 🗑
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| Net Asset Value | show 🗑
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| show | Shares in an open-end fund = NAV
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| show | Share prices may or may not be = to NAV because shares are bought and sold in the stock markets
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| Creation of MFs | show 🗑
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| Taxation of Investment Companies | show 🗑
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| Qualification as a regulated investment company | show 🗑
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| show | must produce a prspectus to any investor wishing to purchase shares and an annual report to their shareholders
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| show | 1. sales charges (or loads) 2. 12b-1 fees 3. management fees 4. trading costs
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| show | sales charge levied on purchases of shares in some mutual funds; usual 5%; expressed as a percentage of the offering price, not NAV; A-shares
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| load funds | show 🗑
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| no-load funds | show 🗑
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| offering price | show 🗑
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| load | show 🗑
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| show | funds with front-end loads 2-3%
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| show | charges levied on redemptions
called CDSC; B-shares
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| show | also called back-end load, sales charge levied when investors redeem shares
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| level loads | show 🗑
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| 12b-1 fees | show 🗑
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| show | MFs with no front-end or back-end loads and no or min 12b-1
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| "no-so-pure" funds | show 🗑
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| show | Hold almost all its assets as investments in stocks, bonds, and other securities; Use no more than 5% of its assets when acquiring a particular security
Pass through all realized investment income to fund shareholders
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| Trading costs | show 🗑
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| turnover | show 🗑
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| shareholder transaction expenses | show 🗑
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| fund operating expenses | show 🗑
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| show | money market mutual funds
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| money market mutual funds MMMFs | show 🗑
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| show | NAV for a MMMF < $1
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| show | like MMMFs but MMDA account is a bank deposit and offers FDIC
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| long-term funds | show 🗑
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