第七章
1、The NAV of closed-ended funds is determined by supply and demand, so the price can fall below or rise above the net asset value per share. Shares selling below NAV are said to be “trading at a discount折价交易,” while shares trading above NAV are “trading at a premium溢价交易.”
封闭式基金的资产净值是由供给和需求决定的,所以价格可以低于或高于每股资产净值。低于净值股票交易被称为“折价交易”,而高于净值股票交易称为“溢价交易”。
2、Under the Investment Company Act of 1940, closed-end funds are capitalized only once. They make an initial public offering (IPO), and then their shares are traded on the secondary market, just like any corporate stock. The number of shares is fixed at the IPO; closed-end funds cannot issue more shares. In fact, many closed-end funds become leveraged to raise more funds without issuing more shares.
根据《1940年的投资公司法案》，封闭式基金只能进行一次资金募集活动。封闭式基金进行IPO之后，在二级市场中与股票一样进行交易。基金份额总数在IPO时已经确定，封闭式基金不能再发行新的基金份额。事实上，许多封闭式基金由于不能发行新的份额，在筹集资金时只能提高自身杠杆。
3、A decade ago, many observers speculated 推断that load funds would become obsolete过时的 and no-load funds would dominate because of the investor’s aversion背离，反感 to a sales charge. Increasingly financially sophisticated精明的 individuals, the reasoning went, would make their own investment decisions and not need to compensate 补偿agents for their advice and service.
10年前，许多市场观察者都认为收费基金将逐渐过时，无销售费用基金由于不能收费而受投资者欢迎并占领市场。随着金融资深个人投资者的增加，人们逐渐认为个人投资者将自己决策而无需支付费用补偿代理人提供的投资建议和服务。
4、But, the actual trend has been quite different. There are two reasons. First, many investors have remained dependent on the investment counsel and service, and, perhaps more importantly, the initiative of the sales agent. Second, sales force distributed funds have shown considerable ingenuity and flexibility in imposing sales charges, which both compensate the distributors and appear attractive to the clients.
但是，实际趋势却截然不同。有两个原因：第一，许多投资者仍然依赖于投资建议和服务，更重要的是依赖销售代理人的主动性；第二，批发销售的基金在收取销售费用方面有很大的独创性和灵活性，不仅补偿了销售商，对客户来说也具有吸引力。
5、Many fund management companies offer investors a choice of numerous funds with different investment objectives投资目标 in the same fund family基金族. In many cases, investors may move their assets from one fu
nd to another within the family at little or no cost. Large fund families usually include money market funds, U.S. bond funds of several types, global stock and bond funds, broadly diversified U.S. stock funds, U.S. stock funds that specialize by market capitalization资本化 and style, and stock funds devoted to particular sectors such as health care, technology, or gold companies.
许多基金管理公司给投资者提供选择具有不同投资目标的同一基金族的机会。在很多情况下投资者只需要花费很小的成本甚至零成本就可将资产从一个基金转换到基金族的另一个基金里。规模较大的基金族通常包括货币市场基金、不同类别的美国债券基金、全球股票和债券基金、分散化的美国股票基金、市值与风格不同的美国股票基金。专注于某一行业的股票型基金，如保健、科技或黄金。
许多基金管理公司给投资者提供选择具有不同投资目标的同一基金族的机会。在很多情况下，投资者只需花很小的成本甚至零成本就可将资产从一个基金转换到基金族里的另一个基金里。规模较大的基金族通常包括货币市场基金、不同类型的美国债券基金、全球股票和债券基金、分散化的美国股票基金、市值和风格不同的美国股票基金、专注于某一行业的股票型基金（如保健、科技或黄金）
6、Mutual funds must distribute at least 90% of their net investment income earned exclusive of realized capital gains or losses to shareholders to be considered a regulated investment company (RIC). If so, the fund is not required to pay taxes at the fund level prior to distribution of the returns to shareholders. Consequently, in practice funds always make these 90% distributions. Taxes are then paid on distributions only at the investor level, not the fund level.
如果共同基金把至少90%的净投资收益进行分配，不包含股东已实现的资本收益或损失，这类公司被看做受管制的投资公司。如果这样，在分配收益之前，基金公司就会免交基金层面的税收。因此，现实中基金总是把90%的收益进行分配，那么分配的收益只收取投资者的所得税，而免收了基金层面的税。
7、All investment companies with 100 or more shareholders must register with the SEC according to the Investment Company Act of 1940. The primary purposes of the’ 40 Act are to reduce investment company selling abuses滥用 and to ensure that investors receive sufficient and accurate information. Investment companies must provide periodic financial reports and disclose their investment policies to investors.
根据1940年的《投资公司法案》，股东数等于或大于100的投资公司必须到证监会注册。40年法案的主要目的在于降低投资公司对出售的操纵，保证投资者得到充分而精确的信息。投资公司还必须提供财务报告并向投资
者披露其投资政策。
8、An important feature of the’40 Act exempts免除 any company that qualifies as a “regulated investment company” from taxation on its gains, either from income or capital appreciation. Furthermore, the fund must follow certain rules about the diversification and liquidity of its investments and the degree of short-term trading and short-term capital gains.
40年法案的一个重要特点是，使得任何满足“受管制投资公司”免交由资本利得和资本升值所获得收益的税收。而且基金必须遵守诸如投资多元化和流动性、短期交易和短期资本利得的程度等一些要求。
9、Previously, money managers offered SMAs only for only very large portfolios, typically $1 million and more. Currently, however, many money managers have significantly decreased the minimum size of their SMAs. As a result, many investors with mid-sized portfolios are utilizing segregated分离的, individually managed accounts provided by many companies and other investment managers.
之前，货币管理经理只为大额的基金组合，通常为至少100万美元的资金规模，提供独立管理账户。但现在，许多货币管理经理明显地降低了他们独立管理账户的资金规模要求。结果，许多拥有中等规模的投资组合的投资者开始使用许多公司和投资管理人提供的独立管理账户。