fees and expenses charged by fund distributor

做为基金的distributor，收取的费用主要有以下几种：

sales charge，distribution fee（也叫trailer fee），CDSC（Contingent Deferred Sales Charge），注意和基金公司收取的费用进行区分

从收费时间来看，主要有：前端（front-end）和后端（back-end）

从系统实现的角度看，有些是需要下单时一并收取的，有的是需要定期产生报表以方便和基金公司进行对账的。当然，需要在rds里面保存这些配置信息。

1、Sales Charge主要指在前端收取的commission，当然有的fund class就没有任何的front-end sales charge。

Sales Charge - A "front-end" sales charge of up to 5.5% of the subscription price may be charged to subscribers of the following classes of shares: A, S, N, O. No front-end sales charge will be charged to investors in Class B and Class C Shares of any fund.

2、Distribution Fee

Class B and Class C shares are not subject to a front-end sales charge, but instead are subject to a "back-end" sales charge (Ses CDSC) plus a Distribution Fee of 1% per annum of the Net Asset Value of the subscribed shares. In the case of Class B shares, the Distribution Fee will be paid to authorised financing agents for distributors or other persons who are responsible for sales of Class B shares, directly or through the Investment Manager, as distribution agent of the Funds. In the case of Class C shares, the distribution fee will be paid to the investment manager.

这个费用的特点是：是由基金公司做为一种回扣的形式返给distributor，只要投资者持有某个基金，这个费用就一直收取，而且是按日计算收取。基金公司一般从其收取的management fee中抽取该费用。

3. Contingent Deferred Sales Charge

这个费用是在赎回的时候收取的，如果投资的年限少于规定的期限的话。

Except as the Directors may determineotherwise, in addition to the Distribution Fee, a CDSC will be charged uponredemption of any Class B share based on the lesser of the cost basis of suchClass B share and the Net Asset Value thereof at the time of redemption, ineither case according to the following schedule:

Class B share Year of Redemption	Contingent Deferred Sales Charge
1	4%
2	3%
3	2%
5	1%
5	0%

 

Except as the Directors may determineotherwise, if a Class C share is redeemed during the first year of investment,a CDSC of 1% will be charged upon redemption of such share based on the lesserof the cost basis of such share and the Net Asset Value thereof at the time ofredemption. Any CDSC charged on Class C shares will be paid to the InvestmentManager.

有一篇文章“Mutual Fund Trailer Fee Calculation and Reconciliation”讲得很详细，可惜只有部分：

原文地址：http://ip.com/IPCOM/000206265

Mutual Fund Trailer Fee Calculation and Reconciliation

SUMMARY OF THE INVENTION

A bank earns trailer commission from the fund house for the business generated during a particular period. Trailer fee is a periodic commission paid by the fund house to the distributor for the business done during a period. This fee is paid to the distributor for as long as the investor holds investments in the fund.

The present invention supports trailer commission setup, calculation and settlement of trailer commission received from the fund house.

DETAILED DESCRIPTION

The following methods of calculating trailer commission would be defined in the system.

Daily Accrual Method

In this method, the trailer fee is calculated and accrued daily by the bank. The trailer percentage defined is per annum basis.

The daily assets under management (AUM) of the fund is calculated as the sum of the daily end of day AUM balances of all the investors in the fund.

The per day trailer is calculated as,

Daily AUM * Trailer % * Actual/Actual

If the day falls in a leap year, the trailer will be calculated as:

Daily AUM * Trailer % * 1/366

If the day falls in a non-leap year, the trailer will be calculated as:

Daily AUM * Trailer % * 1/365

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Average Balance Method

In this method, the trailer fee is calculated on the basis of average AUM balances maintained for all the investors in the fund. The end of period AUM balances would be considered depending on the AUM basis.

Trailer for the calculation period:

Average AUM for the period * Trailer % *Actual/Actual

The trailer percentage defined is per annum basis.

In case a portion of the period falls in a leap year,

Actual/Actual= [(The actual No of Days in the portion of the period falling in a leap year) / 366] + [(the actual No of Days in the portion of the Period falling in a non-leap year) / 365]

1.FUND HOUSE TRAILER COMMISSION SETUP

The trailer commission structure applicable to a fund house is defined in the menu option MFHTCS (Maintain Fund House Trailer Commission Setup). The user interface is organized in the form of multiple tabs.

The general details tab of the web application enables the bank to define trailer calculation parameters with respect to calculation of trailer commission, settlement indicator, accounting entries etc.

The settlement reconciliation tab is used to define the gross and net reconciliation margin amounts for different currencies. The overage and shortage margin amounts can be defined in this tab.

The account setup tab is used to define the placeholders used by the Bank for accounting entries passed during calculation, confirmation and settlement of trailer commission.

The placeholders in this tab would be used when the settlement indicator is selected as 'Fund House' in the General tab of 'Maintain Fund House Trailer Commission Setup' menu.

另外一篇参考文章：Mutual Fund Trailer Fee Payments Market Practice( http://www.isitc.org/publish/showDoc.cfm?contentId=0000005513_001_20100105.pdf).