. , , ,

,,,


.


[1]

, .

: ; ; ; ( ). :

1) (Direct Financial Institutions);

2) (Financial Intermdiaries).

1.

. , , (Investment Funds).

:

(Open-End Funds), (Mutual Funds);

(Closed-End Funds), (Publicly Traded Funds).

, . , .

, . ( ) .

, , , .

()

- , . - , . 50 . 1 . . , . , . , (Portfolio Manager) (Investment Adviser). : , , .


, . , , . ( 0,5 1% ), .

, - . , , .

( - ). , , , .

, . , . , .

, - . , 5-10 . , , , , .

( "12b-1 "). "12b-1" 0,5% .

, (NAV - Net Asset Value). , . .

, . , . , , , , . , . , .

(Public Ogertng Price - POP}. (Egal to NAV) (Higher Than NAV). :

- (Load Funds);

- (Unload Funds, No-Load Funds).

, ( "" - Load) , . 6 . , . . , , , , , 2% .

.

:

, , (Interest Income);

, , (Dividends Income);

(Capital Gain Distribution).

:

- (NAV at the end of period);

- (NAV at the beginning of period);

- (Dividends Income);

- (Capital Gain Distribution);

- .

, XYZ 2000-2001 .:

( 2001 ) - 1,52 .;

( 2000 ) - 15,70 .;

- 0,75 .;

- 0,15 .

:

( (16,52-15,7) +0,75+0,15) / 15,7=1,72/15,70=0,109, 10,9%

10,9%.

, , , , . , . :

;

, .

:

(Growth Funds);

(Income Funds);

(Growth and Income Funds);

(3alanced Funds).

(Growth Funds. , . , , . , . , , , . , , , , .

(Income Funds) . , . , . , , , , - .

(Growth and Income Funds). . . , .

( Balanced Funds). - . . , . , . .

, .

, . , . , , :

(Common Stock Funds);

(Preferred Stocks Bonds Funds);

(Balanced Funds);

() (Income Funds);

(Money Market Funds);

(Municipal Bond Funds).

3.

( ) ( ) . :

1. (Voluntary Accumulation Plan).

2. (Contractual Accumulation Plan).

.

( ) ( ). , , , , . , . , . :

;

- (Dollar-Cost Averagtng), .

. ,. ( 10 ) ' . , , .

: ; ; (Plan Company), . , .


, , . , . . , . , . :

;

;

;

;

.

. , , .



[1] .. // . 2004. 2 // http://www.dis.ru/fm/arhiv/2004/2/9.html

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! , , , .
. , :