Not reported directly; Funds must report "turnover," which is related to the amount of trading; The higher the turnover, the more trading has occurred in the fund; The more trading, the higher the trading costs
management fees
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
no-load funds
funds that have no charges
Front-end load
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
"no-so-pure" funds
may have no loads but still charge hefty 12b-1 fees
Closed-end Funds
the number of shares is fixed and never changes; have to buy them from another investor & have to sell them to another investor
short-term funds
money market mutual funds
Net Asset Value
(total value of assets - liabilities)/number of outstanding shares; NAV of a MF will change every day bc the value of the assets held by the fund fluctuates
money market mutual funds MMMFs
mutual funds specializing in money market instruments; $1 NAV to make them resemble bank accounts; depending on type of securities MMMFs can be taxable or tax-exempt
NAV and Closed-end funds
Share prices may or may not be = to NAV because shares are bought and sold in the stock markets
