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Mutual Funds
-pooling of savings
ADVANTAGES - professional manager - diversification - liquidity - various types of funds
- transfer within fund families - eligible for margin - acceptable as collateral
DISADVANTAGES - unsuitable for short term investment - unsuitable as emergency reserve
Structure
OPEN END (Trust) CLOSED END (Corporation)
- issue/redeem on continuous basis @ NAV - fixed # of units O/S
- buy/sell to fund - can redeem any time - trade on stock exchanges
- price based on underlying value of securities held - price based on supply/demand - usually at discount to value
- income/capital gain flow to unit holder - income/capital gains taxable in corporation
and taxable to individual
- may borrow temporarily up to 5% - may have up to 25% debt financing
- usually specialty investments - less liquid types of investments
Organization Structure
Director -
Fund manager -
Distributor -
Custodian -
Buy Sell Redemption Purchase
Securities Securities of Units of Units
Pricing
Net Asset Value per Share (NAVPS) - value at which fund purchases redemptions are made
NAVPS = (Total Assets (at market) - Total Liabilities)/Total Units Outstanding
Offering Price = NAVPS/(100% - sales charge %)
- if front end load
Selling Price = NAVPS – Sales Commission
if deferred load
- if based on NAVPS at redemption, sales commission = NAVPS * %
- if based on original purchase price, sales commission = original price * %
Mutual Funds 2
Purchase Methods - primary market --- use prospectus
-1) lump sum cash purchase - 2) dividend reinvestment - 3) accumulation plans
FEES - 1) sales commissions (loads) 2) annual admin and mgmt fees
Sales Commissions
Front End Load Back End Load (Deferred) No Load
- paid at time of purchase - paid at time of sale - none
- could be based on original price
or NAVPS at redemption
- declines with size of order - declines as # years fund he
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