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1、Chapter4-MutualFundsandOtherInvestmentCompaniesCHAPTER4:MUTUALFUNDSANDOTHERINVESTMENTCOMPANIESPROBLEMSETS1.Theunitinvestmenttrustshouldhaveloweroperatingexpenses.Becausetheinvestmenttrustportfolioisfixedoncethetrustisestablished,itdoesnothavetopayportfoliomanagerstoconstantly
2、monitorandrebalancetheportfolioasperceivedneedsoropportunitieschange.Becausetheportfolioisfixed,theunitinvestmenttrustalsoincursvirtuallynotradingcosts.2.a.Unitinvestmenttrusts:Diversificationfromlarge-scaleinvesting,lowertransactioncostsassociatedwithlarge-scaletrading,lowma
3、nagementfees,predictableportfoliocomposition,guaranteedlowportfolioturnoverrate.b.Open-endmutualfunds:Diversificationfromlarge-scaleinvesting,lowertransactioncostsassociatedwithlarge-scaletrading,professionalmanagementthatmaybeabletotakeadvantageofbuyorsellopportunitiesasthey
4、arise,recordkeeping.c.Individualstocksandbonds:Nomanagementfee;abilitytocoordinaterealizationofcapitalgainsorlosseswithinvestors’personaltaxsituations;capabilityofdesigningportfoliotoinvestor’sspecificriskandreturnprofile.3.Open-endfundsareobligatedtoredeeminvestor'ssharesatn
5、etassetvalueandthusmustkeepcashorcash-equivalentsecuritiesonhandinordertomeetpotentialredemptions.Closed-endfundsdonotneedthecashreservesbecausetherearenoredemptionsforclosed-endfunds.Investorsinclosed-endfundsselltheirshareswhentheywishtocashout.4.Balancedfundskeeprelatively
6、stableproportionsoffundsinvestedineachassetclass.Theyaremeantasconvenientinstrumentstoprovideparticipationinarangeofassetclasses.Life-cyclefundsarebalancedfundswhoseassetmixgenerallydependsontheageoftheinvestor.Aggressivelife-cyclefunds,withlargerinvestmentsinequities,aremark
7、etedtoyoungerinvestors,whileconservativelife-cyclefunds,withlargerinvestmentsinfixed-incomesecurities,aredesignedforolderinvestors.Assetallocationfunds,incontrast,mayvarytheproportionsinvestedineachassetclassbylargeamountsaspredictionsofrelativeperformanceacrossclassesvary.As
8、setallocationfundsthereforeengageinmoreaggressivemarkettiming.4-6Cop
