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Chapter 13 Financial Planning Exercise 1 Estimating cost of mutual fund investments Use the mutual fund quotes in table below, and assume that you can buy these funds at their quoted net asset values. EXHIBIT 13.4 Mutual Fund Quotes Growth p Open-end mutual funds are listed separately from other securities and have their own quotation system; an example is shown here in online quotes from The Wall Street Journal. Note that these securities are also quoted in dollars and cents and that the quotes include not only the fund's NAV but also year-to-date (YTD) returns. Also included as part of the quotes is an indication of whether the fund charges redemption and/or 12b-1 fees. American Century Core YTD 3-year Plus Fund, class A shares; Family/Fund a fund with a front-end load Symbol NAV Chg % return % chg fee (p). American Century A CorePis p ACCOX American Century Emerg- 10.87 -0.01 0.9 2.2 ing Markets, class A shares; EmgMktAt AEMMX 9.31 0.04 11.9 9.6 a fund with both 12b-1 and TCRAX 29.68 5.7 16.7 front-end load fees (t). Intl Bndt AIBDX 12.41 -0.10 -5.1 -3.5 American Century Interna- LtTf MMBAX 11.41 0.01 -0.5 0.01 tional Bond Fund, class A Artisan Funds shares; a fund with a front- EmgMktsinv end load fee and possible ARTZX 13.03 0.04 8.9 13.03 redemption fee (p). EmgMktsinst APHEX 12.93 0.03 8.7 5.3 IntlVal Inv ARTKX 36.81 American Century Long- -0.21 7.6 18.8 Term Tax-Free Fund, class A MidCaplny ARTMX 48.20 -0.01 6.1 17.9 shares; a fund with a front- Mid CapVal Inv ARTQX 25.61 -0.07 3.9 16.5 end fee (p). SmCapVal Inv ARTVX 14.30 -0.09 1.1 8.0 Artisan International Value Valuelny ARTLX 13.87 -0.04 6.0 15.4 Fund, a true no-load fund (no front-end, back-end, or P-Distribution costs apply, 12b-1. 12b-1 fees) -Redemption charge may apply. t-Footnotes p and r apply. Source: The Wall Street Journal, http://online.wsj.com/mdd public/page/2_3048-umfunds_A-umfunds.html, accessed May 22, 2015; NAV-nect asset value Cho-change in NAV from previous trading day. 3-ycar % chg-is trailing three-year annualized. Source: The Wall Street Journal, http://online.wsj.com/dd/public/page/2_3048-umfunds_A-usmfunds.html, accoud May 22, 2015; NAV-nct act valuc. Chy-change in NAV from previous trading day. 3-year % chg-is trailing three-ycar annualized. How much would you have to pay to buy each of the following funds? a. American Century Emerging Markets Fund, A shares (AEMMX) $ b. American Century Core Plus Fund, A shares (ACCQX) $ c. American Century International Bond Fund, A shares (AIBDX) $ d. Artisan Small Cap Value Fund Investor Shares (ARTVX) $ According to the quotes, which of these four funds have 12(b)-1 fees? Which have redemption fees? Which of the funds are no-loads? Which one of the funds has the highest year-to-date return? Which one of the funds has the lowest year-to-date return? Chapter 13 Financial Planning Exercise 1 Estimating cost of mutual fund investments Use the mutual fund quotes in table below, and assume that you can buy these funds at their quoted net asset values. EXHIBIT 13.4 Mutual Fund Quotes Growth p Open-end mutual funds are listed separately from other securities and have their own quotation system; an example is shown here in online quotes from The Wall Street Journal. Note that these securities are also quoted in dollars and cents and that the quotes include not only the fund's NAV but also year-to-date (YTD) returns. Also included as part of the quotes is an indication of whether the fund charges redemption and/or 12b-1 fees. American Century Core YTD 3-year Plus Fund, class A shares; Family/Fund a fund with a front-end load Symbol NAV Chg % return % chg fee (p). American Century A CorePis p ACCOX American Century Emerg- 10.87 -0.01 0.9 2.2 ing Markets, class A shares; EmgMktAt AEMMX 9.31 0.04 11.9 9.6 a fund with both 12b-1 and TCRAX 29.68 5.7 16.7 front-end load fees (t). Intl Bndt AIBDX 12.41 -0.10 -5.1 -3.5 American Century Interna- LtTf MMBAX 11.41 0.01 -0.5 0.01 tional Bond Fund, class A Artisan Funds shares; a fund with a front- EmgMktsinv end load fee and possible ARTZX 13.03 0.04 8.9 13.03 redemption fee (p). EmgMktsinst APHEX 12.93 0.03 8.7 5.3 IntlVal Inv ARTKX 36.81 American Century Long- -0.21 7.6 18.8 Term Tax-Free Fund, class A MidCaplny ARTMX 48.20 -0.01 6.1 17.9 shares; a fund with a front- Mid CapVal Inv ARTQX 25.61 -0.07 3.9 16.5 end fee (p). SmCapVal Inv ARTVX 14.30 -0.09 1.1 8.0 Artisan International Value Valuelny ARTLX 13.87 -0.04 6.0 15.4 Fund, a true no-load fund (no front-end, back-end, or P-Distribution costs apply, 12b-1. 12b-1 fees) -Redemption charge may apply. t-Footnotes p and r apply. Source: The Wall Street Journal, http://online.wsj.com/mdd public/page/2_3048-umfunds_A-umfunds.html, accessed May 22, 2015; NAV-nect asset value Cho-change in NAV from previous trading day. 3-ycar % chg-is trailing three-year annualized. Source: The Wall Street Journal, http://online.wsj.com/dd/public/page/2_3048-umfunds_A-usmfunds.html, accoud May 22, 2015; NAV-nct act valuc. Chy-change in NAV from previous trading day. 3-year % chg-is trailing three-ycar annualized. How much would you have to pay to buy each of the following funds? a. American Century Emerging Markets Fund, A shares (AEMMX) $ b. American Century Core Plus Fund, A shares (ACCQX) $ c. American Century International Bond Fund, A shares (AIBDX) $ d. Artisan Small Cap Value Fund Investor Shares (ARTVX) $ According to the quotes, which of these four funds have 12(b)-1 fees? Which have redemption fees? Which of the funds are no-loads? Which one of the funds has the highest year-to-date return? Which one of the funds has the lowest year-to-date return

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