金融英语词汇解释 第七章1.pdfVIP

第七章 1 Open-End Funds 1 Open-End Funds 11、OOppeenn--EEnndd FFuunnddss 开放式基金 More popularly known as mutual funds. They are portfolios of securities, mainly stocks, bonds, and money market instruments. The number of shares of these funds increases or decreases as investors increase their investment or liquidate shares. 2 Closed-End Funds 2 Closed-End Funds 22、CClloosseedd--EEnndd FFuunnddss 封闭式基金 The shares of a closed-end fund are very similar to the shares of common stock of a corporation. The new shares of a closed-end fund are initially issued by an underwriter for the fund. 3 Unit trust 3 Unit trust 33、UUnniitt ttrruusstt 单位信托 It is simila It is simila IItt iiss ssiimmiillaar to a closed-end fund in that the number of unit certificates is fixed. It typically invests in bonds. 4 Net asset value (NAV) 4 Net asset value (NAV) 44、NNeett aasssseett vvaalluuee ((NNAAVV))资产净值 The value or price of each share of the portfolio of open-end funds. It equals the market value of the portfolio minus the liabilities of the mutual fund divided by the number of shares owned by the mutual fund investors. 5 Sales charge 5 Sales charge 55、SSaalleess cchhaarrggee 销售费用 shareholders fee This cost is a “one-time” charge debited to the investor for a specific transaction, such as a purchase, redemption, or exchange. This type of charge is related to the way the fund is sold or distributed. 6 Expense ratio 6 Expense ratio 66、EExxppeennssee rraattiioo 运行费率 It is the annual fund operating expense, which covers the funds expenses, the largest of which is for investing managements. This charge is imposed annually. It is debited annually from the investor’s fund balance by the fund sponsor. Operating expenses are deducted 扣除 from NAV and therefore reduce the reported return. The three main categories of annual operating expenses are the management fee, distribution fee and other expenses. 7 Investment advisory fee 7