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KIC000146 - H Money Market Funds(cont'd"i Regulation...

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Unformatted text preview: H Money Market Funds (cont'd) "i- Regulation and taxation of money market funds :1 The Securities Act of 1933 requires sponsoring companies to provide full information on any MMFs they offer and a prospectus that describes the fund's investment policies and objectives E! The investment Company Act of 1940 contains numerous restrictions that prevent a conflict of interth by the fund's managers El If a fund distributes least 90 pe of its income. thefund itself is - — from —— taxes Hedge Funds I Sell shares to —%m individualsyand financial __ institutions and use e proceeds to Invest in securities I Have historically been unregulated but are not allowed to advertise I Are usually organized as limited partnerships I May allow investors to withdraw their investments but require advance notice of 30 days or more I Often invest in derivative securities, sell short. or use boncwed funds alc ' h equity investments I' Strivefor high - ' — but also have a very high degree of Hedge Funds (cont'd) I Hedge fund fees D Management fees usually range from 1 to 2 percent of the investment per yearn“, 5D :1 Incentive fees (usually 20 percent) are based on the return of the fund I Regulation El Hedge funds are not regulated ...
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