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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| Disadvantages of MFs | show 🗑
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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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| show | can sell new shares to anyone that wants to buy, and redeem from anyone wanting to sell
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| Closed-end Funds | show 🗑
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| Net Asset Value | show 🗑
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| NAV and Open-end funds | show 🗑
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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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| show | Most mutual funds are created by investment advisory firms (say Fidelity Investments) or brokerage firms with investment advisory operations (say Merrill Lynch)
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| show | investments are treated as "regulated investment companies" for tax purposes; doesn't pay tax on its investment income, fund shareholders pay taxes
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| Qualification as a regulated investment company | show 🗑
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| MF required documents | show 🗑
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| show | 1. sales charges (or loads) 2. 12b-1 fees 3. management fees 4. trading costs
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| Front-end load | show 🗑
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| load funds | show 🗑
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| no-load funds | show 🗑
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| show | price paid in excess of the NAV when you purchase shares in a load fund
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| load | show 🗑
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| low-load funds | show 🗑
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| show | charges levied on redemptions
called CDSC; B-shares
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| CDSC; Contigent deferred sales charges | show 🗑
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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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| show | 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
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| turnover | show 🗑
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| show | loads and deferred sales charges
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| fund operating expenses | show 🗑
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| show | money market mutual funds
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| show | 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
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| show | NAV for a MMMF < $1
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| money market deposit accounts MMDAs | show 🗑
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| long-term funds | show 🗑
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