The document discusses the differences between open-end and closed-end funds. It outlines the three primary types of open-end funds: front-end funds, back-end funds, and low-level load funds. It describes the two main fees built into funds as management expenses and sales charges. It provides examples of how fees work for each type of open-end fund. The document cautions that returns stated as net of fees and expenses may not fully reflect the impact of fees depending on the example.

1. Mullooly Asset Management Podcast
March 27, 2013
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2. Open-End Funds vs. Closed-End Funds
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3. Open-End Mutual Funds:
Three Primary Types
Front-End
Back-End
Low-Level-Load
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4. Two Main Fees Built Into Funds
Management Expenses
Sales Charges
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5. Front-End
Management expenses low
Sales charges – “pay at the door”
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6. Back-End
Management expenses – higher
Sales charge – none up front, but decline over time
12b-1 fees – assessed every year
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7. Low-Level-Load
Management expenses – higher
Sales charge – 1% in first 12 months, none after
12b-1 fees – 1% every year
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8. You Will Often Hear…
"All returns are NET of fees and expenses”
True, but keep in mind…
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9. Example
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10. None of the securities mentioned in this (or any) podcast or
video represent past specific recommendations of Mullooly
Asset Management.
This video is NOT a recommendation to buy or sell any of
the securities mentioned here.
If you’re relying on a podcast for investment advice, you are
likely making a huge mistake.
We strongly urge our listeners to consult with their
investment advisor before they make a decision to buy or
sell any investment.
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11. Mullooly Asset Management, LLC
support (at) mullooly (dot) net
732-223-9000
www.mullooly.net
Mullooly Asset Management March 2013